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Prague, Czech Republic, July 19, 2010—
IFC, a member of the World Bank Group, has provided Ceska Sporitelna, the largest bank in the Czech Republic (considering the number of clients), with a credit enhancement to help the bank continue financing renewable energy projects.
IFC provided Ceska Sporitelna with a risk-sharing facility of €47.5 million equivalent in local currency on a portfolio of loans of up to €100 million equivalent. The bank will use the funds to develop greenfield projects in renewable energy power generation in the Czech Republic that could reduce greenhouse-gas emissions by 570 tons a year, which is equal to burning 270 kilotons of coal in Czech power plants. The investment will contribute to IFC’s strategic objective of reducing greenhouse-gas emissions, particularly in the Europe and Central Asia region.
“We are very pleased to continue supporting an existing client, Ceska Sporitelna Bank, on its expanded focus in the renewable energy area, which will help reduce greenhouse-gas emissions and contribute significantly to our regional climate change goal,” said Snezana Stoiljkovic, IFC Director for Central and Eastern Europe.
The investment builds on the Ceska Sporitelna Bank’s successful participation in IFC’s Commercializing Energy Efficiency Finance program. Since joining the program in 2004, the bank has received IFC Advisory Services and a guarantee facility from IFC of up to €15 million. Today, Ceska Sporitelna is a market leader in financing renewable energy projects in the Czech Republic, and its renewable energy portfolio has reached over €340 million.
Climate change mitigation is a corporate priority for IFC that is reflected in our achievements in renewable energy. Since 2005, IFC has financed more than $2 billion in renewable energy projects.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About Ceska Sporitelna
The roots of Ceska Sporitelna reach back to 1825. Since 2000, Ceska Sporitelna has been a member of Erste Group, one of the leading financial providers in Central and Eastern Europe with 17.5 million clients in eight predominantly European Union-member countries. With 5.3 million clients, Ceska Sporitelna is the largest bank on the Czech market. Through its network of more than 660 branches and 11 financial subsidiaries, Ceska Sporitelna covers the entire spectrum of financial services and client needs. For more information, visit
www.csas.cz
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