PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

605073

Primary Business Area

Financial Institutions Group

Disclosure Date

Oct 21, 2020

Country

World Region

Region

Global

IFC Approval Date

Apr 20, 2020

Status

Completed

Last Updated Date

May 4, 2024

Project Estimated Start Date

Apr 20, 2020

Project Estimated End Date

Jun 30, 2027

Project Description

Through the UK-IFC Market Accelerator for Green Construction (MAGC) program, IFC will provide Green Building Finance core advisory services to 10 Financial Institutions (FIs) clients. In addition to these services, most of the clients will have an accompanying IFC investment to support finance of green building construction. The core advisory services will be deployed with the following objectives: 1) to enable partner FIs to identify suitable green building projects to be financed. Under the MAGC Program, projects financed by partner FIs must achieve IFC-approved green building certification and can demonstrate at least 20% improvements in operational energy efficiency versus local benchmarks. 2) to monitor eligible projects from design through completion of construction; to enable partner FIs to properly and accurately capture and monitor the impact of eligible projects; and, 3) to raise awareness in eligible countries around the business case, and opportunities, for financing certified green buildings within their chosen markets. The objectives described above intend to increase awareness of the commercial attractiveness of green buildings and associated debt as an asset class; increase local green building pipelines; provide a simple and affordable definition for green buildings, define simple procedures for green building eligibility screening and portfolio monitoring; and strengthen networks for FIs with other stakeholders. Through this project, IFC’s Financial Institution Group will contribute to the overall UK-IFC MAGC program's objective to boost the uptake of greener construction practices and technologies in up to 23 emerging markets, by catalyzing private sector investments for new certified green building construction projects. The UK-IFC MAGC program is supported by the Government of the United Kingdom.

Development Results

E&S Risks / Impacts and Mitigation