Saturday, December 25, 2010

IFC to guarantee up to 50% of BDO loans for energy efficiency and RE projects

IFC to guarantee up to 50% of BDO loans for energy efficiency and RE projects


December 24, 2010, 5:26pm

MANILA, Philippines – The International Finance Corporation (IFC), a member of the World Bank Group, and Banco de Oro Unibank Inc. signed a risk-sharing facility that aims to encourage private enterprises in the Philippines to invest in sustainable-energy projects and become more profitable, while addressing climate change.

IFC will guarantee up to 50 percent of Banco de Oro Unibank’s loans for energy-efficiency and renewable-energy projects through the bank’s Sustainable Energy Finance program. The program shows that clean energy combined with energy-efficiency solutions can help companies improve profitability and at the same time help lower greenhouse-gas emissions.

“This is an important agreement for IFC,” said Jesse Ang, IFC Resident Representative for the Philippines. “It will enable Banco de Oro Unibank to expand its reach, particularly among small and medium enterprises that need financial support to help lower their energy costs and improve competitiveness.”

Nestor Tan, President of Banco de Oro Unibank, said, “The risk-sharing facility allows the bank to leverage IFC’s support and global experience to successfully develop the market for sustainable-energy investments.”

IFC and Banco de Oro Unibank have been partners since 2002. IFC’s support for the Sustainable Energy Finance program builds on a $150 million equity investment in the bank earlier this year and a $90 million subordinated note investment in 2007.


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