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IFC Lends to Credit Europe Bank, Helping Expand Energy-Efficiency Financing in Ukraine


In Kiev:
Olena Harmash

Phone: +380 44 490 64 00

E-mail:
OHarmash@ifc.org


Kiev, Ukraine, June 6, 2012—IFC, a member of the World Bank Group, is providing a $15 million loan to Credit Europe Bank in Ukraine, helping the bank increase financing of energy efficiency improvements by local companies to reduce the country’s greenhouse gas emissions.

IFC’s first sustainable-energy finance loan in Ukraine will also be used to improve access to finance to small and medium enterprises. A parallel IFC Advisory Services package will strengthen the bank’s internal capacity to finance energy efficiency projects, enabling it to offer new financial products. The Ukrainian market for energy efficient finance is still nascent.


“Increasing lending to medium-sized businesses is one of our priorities in Ukraine,” said Yusuf Dagtekin, Acting Chairman, Credit Europe Bank. “Since IFC is a leader in promoting climate-friendly investments, we look forward to its support in developing expertise in energy-efficiency financing to expand our offerings to clients.”


Rufat Alimardanov, IFC Country Manager for Ukraine and Belarus, said, “Ukraine’s economy is one of the most energy intensive in the region, and supporting energy efficient improvements is important in both our investment and advisory work in the country. IFC’s loan and package of advisory services to Credit Europe Bank will help Ukrainian companies become more energy efficient, reduce their energy costs and become more competitive.”


Sustainable energy has become a global priority, and improving energy efficiency is central to IFC's climate change strategy. IFC’s Sustainable Energy Finance Program in Ukraine provides a wide range of advisory services to financial institutions, their clients and other market players to support investment in energy efficiency. IFC is implementing the three-year project in partnership with the Austrian Ministry of Finance, and the EVD Agency of the Netherlands Ministry of Economic Affairs.


About IFC


IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org.

About Credit Europe Bank

For more information, visit
www.crediteuropebank.com and http://www.crediteurope.com.ua

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