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Shanghai, June 17, 2008
—IFC, a member of the World Bank Group, and Shanghai Pudong Development Bank, one of China’s leading national joint stock banks, today signed an agreement to collaborate to support energy-saving projects that will help reduce 3.5 million tons of carbon dioxide emissions in China annually, the equivalent of taking 250,000 cars off the country’s roads each year.
The risk-sharing agreement falls under the second phase of IFC’s China Utility-based Energy Efficiency Finance program. Under the agreement, IFC will provide the Shanghai Pudong Development Bank with a risk-sharing facility of 500 million Chinese renminbi ($72.5 million) that will enable the bank to fund energy-efficiency projects across the country totaling up to 1 billion renminbi ($145 million).
Xie Wei, Deputy General Manager of Corporate and Investment Bank Department of SPD Bank, said, “As a publicly listed company that actively advocates corporate social responsibility, SPD Bank is committed to promoting green financing to help build a sustainable and resource-conservation society. We look forward to developing a strong partnership with IFC, so that we can jointly contribute to China’s energy efficiency and environmental protection causes.”
Mike Ipson, IFC Country Manager for China and Mongolia, noted, “Addressing climate change challenges is an IFC priority. Partnering with committed local institutions like SPD Bank and providing training, advisory services, and financing enables us to extend our reach and create lasting impacts. Our model proves that there are considerable business opportunities in energy-efficiency financing across various sectors and industries in China.”
SPD Bank is the third Chinese commercial bank to participate in the CHUEE Program, along with Industrial Bank and Bank of Beijing.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, please visit
www.ifc.org
.
Funded by IFC, the Global Environment Facility, and the Finnish and Norwegian governments, the IFC China Utility-based Energy Efficiency Program was designed by IFC at the request of China’s Ministry of Finance. The goal is to lower emissions of greenhouse gases by creating a sustainable financing mechanism for investment in energy efficiency, clean energy, and emissions reduction projects. IFC offers Chinese commercial banks a facility whereby IFC shares part of the risk for all loans within the energy efficiency portfolio. IFC also provides advisory services on marketing, engineering, project development, and equipment financing services to banks, project developers, and suppliers of energy efficiency products and services. For more information, visit
www.ifc.org/chuee
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About the Shanghai Pudong Development Bank
The Shanghai Pudong Development Bank, a joint-stock commercial bank based in Shanghai, was approved by the People’s Bank of China in August 1992, started business on January 1993 and was listed on the Shanghai Stock Exchange in 1999. Its registered capital totaled 5.66 billion renminbi and total assets stood at 914.98 billion renminbi (as of December 31, 2007), ranking third in various key performance indicators among China’s joint-stock banks. The bank has 30 branches and 408 service outlets in the country, with a representative office in Hong Kong, in addition to more than 20 account banks and more than 1,400 correspondent banks in over 90 countries and regions. For more information, visit:
www.spdb.com.cn
.
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