Amman, Jordan, March 7, 2010—IFC,
a member of the World Bank Group, is helping raise awareness in the banking
sector of Jordan and countries across the Middle East and North Africa
on sustainable energy financing opportunities targeting women, low-income
households, and climate-friendly initiatives.
IFC, in cooperation with the Jordanian
Ministry of Environment and the Association of Banks in Jordan, is hosting
a conference entitled “Eco-Financing: Unlocking Green Business Opportunities,”
on March 7 and 8 in Amman. This is the first sustainable energy finance
event organized by IFC in Jordan.
Participants will include members of
the government, banking industry, project developers, and technical experts.
IFC will share its global experience in sustainable energy finance
and discuss opportunities to increase investment in energy efficiency,
cleaner production, and renewable energy projects.
Sustainable banking encourages financial
institutions to develop products in new areas, including renewable energy,
energy efficiency, microfinance, financing for women and low-income housing.
It also promotes greater transparency and sustainable development,
which can bring sizable business benefits and help banks in emerging markets
differentiate themselves from their competition.
The goal of the conference is to establish
a committee that will follow up on recommendations and participate in activities
to grow sustainable finance activities within the country. Through
this effort, IFC seeks to promote the banking sector’s role in reducing
the effects of climate change.
“Banks can help support efforts to
reduce the effects of climate change by considering sustainability issues
in their lending decisions,” said Ahmed Attiga, IFC Country Officer for
Climate change and sustainability are
key areas of strategic focus for IFC. In fiscal year 2009, more than
$1 billion of IFC’s global direct investments went to finance renewable
energy and energy efficiency. IFC also leveraged more than $6 billion
in energy-related investments. The Equator Principles, a set of principles
for social and environmental risk management in project finance, were based
on IFC’s performance standards.
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 increasing sustainable
finance opportunities in the Middle East and North Africa.
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.