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IFC Signs Up New Philippine Bank Partner in Sustainable Energy Finance

Manila, Philippines, June 1, 2012— IFC, a member of the World Bank Group, has stepped up its Sustainable Energy Finance Program in the Philippines by engaging China Banking Corporation as its latest partner in supporting clean energy and energy efficiency projects that help mitigate climate change and ease the cost of power for Filipino households and businesses.
With IFC’s advisory support, China Bank aims to develop a stand-alone sustainable energy lending program. IFC will provide assistance in strategy development, market awareness, monitoring and evaluation, training, deal origination, and other areas.
“We see the value to our clients of increasing lending in this area as the rising cost of electricity dampens the competitiveness of local businesses,” said Ricardo Chua, China Bank Senior Executive Vice President and Chief Operating Officer. “IFC will help us build our in-house capability in this relatively new business line.”
Since its launch in 2008, IFC’s Sustainable Energy Finance program has developed with bank partners a pipeline of some 4.26 billion Philippine pesos ($100 million) in loans to energy efficiency and renewable energy projects. These projects have reduced energy use by more than 50,000 megawatt hours and generated over 60,000 MWh of clean energy each year, and cut greenhouse-gas emissions by nearly 500,000 tons annually.    
“Together with our partner banks, the Sustainable Energy Finance program has come a long way in promoting clean energy and the smart use of energy. High power rates, increasing demand for electricity, and the Philippines’ vulnerability to climate change underscore the importance of lending to sustainable energy projects. IFC will continue to promote this initiative to help ease the burden of Filipino households and businesses,” said IFC Resident Representative Jesse Ang.
The other partners of the program are Bank of the Philippine Islands, Banco de Oro Unibank, and BPI Globe BanKO.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org .
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