Summary of Proposed Investment
Project Number
507694
Company Name
INTERNATIONAL FINANCE CORPORATION
Date SPI Disclosed
Apr 20, 2009
Country
Philippines
Industry
Financial Markets
Projected Board Date
May 20, 2009
Status
Completed
Sector
Other (For Non-Investment Projects)
Department
Global Industry, Financial Markets
Environmental Category
FI
Project Description
The Philippines Sustainable Energy Finance Project II ("Phils SEF II" or the "Project") supports the creation of a commercial financing market for sustainable energy (SE) projects in the Philippines. This will assist the Philippines in improving energy security and economic productivity, and promoting private enterprise in the energy sector. Phils SEF II will cover both Energy Efficiency (EE) and Renewable Energy (RE) projects. It will focus on providing three to four local FIs with the support necessary to develop their own portfolio of SE projects.
The Program is designed to leverage IFC’s capabilities and experience and donor resources to address those barriers, and will result in:
- improved access to financing for SE projects, which will continue beyond the support of IFC financial instruments and TA;
- growth and business development for private enterprises related to EE/RE projects;
- promotion of more sustainable development, with better use of natural resources and reduction in greenhouse gas emissions; and,
- assistance in correcting market imperfections, and a clearer regulatory environment that will further enable sustainable business development in EE and RE.
This program will support the National Government as it implements both its national energy efficiency and climate change mitigation campaigns.
This project uses $5.3 million of GEF funds to support advisory services ($2.3 million) and risk sharing ($3 million) for financial institutions. Where IFC invests in risk sharing facilities with specific financial institutions the sponsors and financing arrangements will be disclosed under separate SPIs.
The Program is designed to leverage IFC’s capabilities and experience and donor resources to address those barriers, and will result in:
- improved access to financing for SE projects, which will continue beyond the support of IFC financial instruments and TA;
- growth and business development for private enterprises related to EE/RE projects;
- promotion of more sustainable development, with better use of natural resources and reduction in greenhouse gas emissions; and,
- assistance in correcting market imperfections, and a clearer regulatory environment that will further enable sustainable business development in EE and RE.
This program will support the National Government as it implements both its national energy efficiency and climate change mitigation campaigns.
This project uses $5.3 million of GEF funds to support advisory services ($2.3 million) and risk sharing ($3 million) for financial institutions. Where IFC invests in risk sharing facilities with specific financial institutions the sponsors and financing arrangements will be disclosed under separate SPIs.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
William Beloe
Head for Advisory Services & Program Manager for Sustainability - Philippines
IFC East Asia and Pacific
11th Floor, Tower One, Ayala Triangle
Ayala Ave., Makati City
Philippines
Tel: +63 2 848 7333
Fax: +63 2 848 7339
Email: WBeloe@ifc.org Web: www.ifc.org
Head for Advisory Services & Program Manager for Sustainability - Philippines
IFC East Asia and Pacific
11th Floor, Tower One, Ayala Triangle
Ayala Ave., Makati City
Philippines
Tel: +63 2 848 7333
Fax: +63 2 848 7339
Email: WBeloe@ifc.org Web: www.ifc.org
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
Local Access of Project Documentation
IFC East Asia and Pacific
11th Floor, Tower One, Ayala Triangle
Ayala Ave., Makati City
Philippines
11th Floor, Tower One, Ayala Triangle
Ayala Ave., Makati City
Philippines