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IFC to Provide a $75 Million Renewable Energy Credit Line to Banco BICE in Chile—IFC’s First to a South American Bank


In Washington, D.C.:
Adriana Gomez
Phone: +202-458-5204
E-mail: AGomez@ifc.org

In Chile:


Renato Muñoz Osses
Phone: +56 2 26922266
E-mail: renato.munoz@bice.cl
Banco BICE

Washington, DC, December 18, 2013—IFC, a member of the World Bank Group, signed an agreement today providing $75 million to Chile’s Banco BICE for financing non-conventional renewable energy (NCRE) projects. This is IFC’s first financing to a South American bank exclusively for the development of renewable energy-related projects.

“Through this credit line, BICE will be able to expand long-term financing on terms that are viable for non-conventional renewable energy developers in Chile” said Alberto Schilling, CEO of Banco BICE. “We are a leader in financing non-conventional renewable energy projects in the country and this partnership with IFC will strengthen our capacity to provide solutions to our clients”.

IFC’s support to BICE will support the scaling-up of commercially viable NCRE technologies in the country’s energy matrix, including small hydropower, biomass, solar, geothermal and wind.

According to international estimates, Chile’s electricity demand will increase by about 6 percent each year through 2020, which will require greater investments in power generation. Creating generation capacity in Chile is therefore essential to lowering the price of electricity for consumers, promoting the industry’s growth, and creating jobs.

“IFC looks forward to this partnership with Banco BICE that will help develop cleaner energy sources in Chile,” said Giri Jadeja, IFC Senior Manager for Financial Markets in Latin America and the Caribbean. “With this project, IFC confirms its commitment to provide innovative solutions in Chile and to contribute to achieve the country’s development goals.”

IFC’s financing to BICE is part of a greater commitment to supporting local financial markets to deliver development impact. IFC works to achieve this through  innovative financial products and mobilization, fostering micro, small and medium enterprises, encouraging corporate social responsibility, protecting natural resources through environmentally-sustainable business practices, and promoting business expansion into other emerging markets. For more information about IFC in Latin America and the Caribbean, visit: www.ifc.org/lac.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
 
About BICE
BICE was formed in 1979 by a group of investors related to the Matte family. Since its origin, its objective has been to offer quality banking services to corporate and retail clients. Besides traditional banking services, the bank has specialized in foreign trade finance, project finance and corporate investment advisory services, providing a complete set of financial services to its corporate clients. It also offers mortgage loans as well as portfolio management services for its individual clients. BICE has extensive knowledge on the renewable energy sector, having financed 20 projects with a combined capacity of 180 MW BICE has about 1,000 employees and serves above 50,000 customers through its 26 branches across Chile. For more information, visit www.bice.cl