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IFC Promotes Sustainable Energy Financing to Create Opportunity in Jordan


In Amman:
Riham Mustafa
Phone: +20 2 461 9150
E-mail:
rmustafa@ifc.org

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 Jordan.

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.

About IFC
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.