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IFC, Russian Development Bank Expand Energy Efficiency Lending, Fight Climate Change
Moscow, Russia, March 14, 2013—
IFC, a member of the World Bank Group, is helping Russia’s state-owned development bank extend loans to companies looking to improve energy efficiency as part of a broader initiative to combat climate change and conserve natural resources.
IFC will help the Bank for Development and Foreign Economic Affairs (Vnesheconombank) develop new products to address the growing demand among Russian companies for energy efficiency financing. IFC will also examine the energy savings potential of the bank’s portfolio, provide special training to bank staff on assessing energy efficiency projects, and support a marketing campaign to promote energy efficiency across Russia.
“Vnesheconombank has an important role to play in helping modernize the Russian economy,” said Maxim Titov, IFC Program Manager for the Sustainable Energy Finance Program in Europe and Central Asia. “Our cooperation will not only bring significant economic benefits to the bank’s customers, but also have positive environmental and social impacts.”
This project is in line with IFC's strategic priority of supporting climate-conscious businesses in Europe and Central Asia. In fiscal 2012, IFC invested $436 million in 22 companies to support climate-friendly investments in renewable energy, energy efficiency and water systems across the region. At the same time, IFC’s 37 regional advisory projects are opening up new areas for investment via regulatory reform and private-sector capacity building. IFC is also reducing its environmental footprint and making own facilities carbon-neutral.
Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested more than $10 billion in the country, including $3.2 billion in syndicated loans, and has been involved in 270 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.3 billion, the fourth-largest country exposure for IFC globally.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Vneshecomonbank
The state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) was established in 2007 through a transformation of the Bank for Foreign Economic Affairs of the USSR.
Vnesheconombank is one of the key instruments for implementing state economic policy. It aims to remove infrastructure restrictions that impede economic growth, enhance the efficient utilization of natural resources, develop high-tech industries, unleash the innovative and industrial potential of small and medium enterprises, and ensure support for the export of industrial goods and services. For more information, visit
www.veb.ru/en
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