Enigin Update - IFC to Guarantee Half of Energy Efficiency Loans
THE INTERNATIONAL Finance Corp. (IFC) will guarantee half of the loans extended by the Filipino Banco de Oro Unibank, Inc. (BDO) under the bank’s Sustainable Energy Finance Program.
The IFC, a private sector arm of the World Bank, released a statement yesterday revealing it had signed a risk-sharing facility with BDO, the Philippines largest bank.
“IFC will guarantee up to 50% of BDO’s loans for energy-efficiency and renewable energy projects through the bank’s Sustainable Energy Finance Program,” IFC said.
Due to this action the IFC state it will encourage more private enterprises to undertake energy-efficiency projects, leading to more profitability while reducing greenhouse gas emissions.
The President of BDO, Nestor V. Tan said, “The risk-sharing facility allows the bank to leverage IFC’s support and global experience to successfully develop the market for sustainable energy investments."
BusinessWorld reported that Mr. Tan revealed that “the loan facility is worth P2 billion ($45.5 million)."
IFC launched its Sustainable Energy Finance Program in September 2009 to assist local banks finance energy-efficient and emission-reducing projects to address climate change.
It has also partnered with the Bank of the Philippine Islands, signing a risk-sharing facility, its first with a Philippine bank, in December 2009.
Enigin Distributors in the Philippines will be encouraged by this initiative as it will help them in aiding businesses reduce energy costs and emissions through installing energy efficiency technology from Enigin.
Picture by Marufish
