Manila, Philippines, December 17, 2009—
IFC, a member of the World Bank Group, is deepening its partnership with the Bank of the Philippine Islands by signing its first risk-sharing facility agreement in the Philippines to enhance the bank’s lending for sustainable energy projects and help mitigate climate change.
The risk-sharing facility with the Bank of the Philippine Islands, one of the country’s largest banks, will help mainstream sustainable energy finance to promote energy efficiency and renewable energy projects. The agreement—the first such accord to be signed by IFC and a financial institution in East Asia outside of China—comes as nations negotiate an international agreement to curb carbon dioxide emissions at the United Nations Climate Change Conference in Copenhagen.
“We are taking full advantage of IFC’s support and global experience to help develop our portfolio of sustainable energy loans and leases, and pursuing the perceived higher-risk renewable energy market with greater confidence,” said Gil A. Buenaventura, Chief Operating Officer for the Bank of the Philippine Islands.
James Scriven, IFC Director for Global Financial Markets, said, “The partnership between IFC and the Bank of the Philippine Islands is part of our strategy to scale up lending to projects in energy efficiency and renewable energy. This is essential for enabling market-based approaches in developing countries to address climate change.”
In the past, IFC has been supporting the Bank of the Philippine Islands’ lending to energy efficiency projects already through its Sustainable Energy Finance Program.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting lending for sustainable 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 private capital, 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 the Bank of the Philippine Islands
BPI’s corporate mission is to be the leading private financial institution in the Philippines in terms of professional competence, service quality, responsible corporate citizenry, and overall growth and stability. It aims to be an established ASEAN financial institution with a creditable worldwide outreach. For more information, visit
www.bpiexpressonline.com
.
