Istanbul, Turkey, September 7, 2016—IFC,
a member of the World Bank Group, provided almost $800 million to support
22 climate-smart investment projects in Europe and Central Asia in fiscal
year 2016, helping its clients improve resource and energy efficiency,
expand sustainable urban infrastructure, and increase access to renewable
Over $230 million of the total was invested
in green buildings projects in Turkey, Bulgaria and Georgia, helping to
reduce water, heat and energy consumption and losses in commercial buildings.
About $225 million was directed to renewable energy projects in Turkey
and Armenia, to support the rehabilitation and development of hydro, solar
and wind power stations.
A particularly important theme for IFC was
sustainable cities, which focuses on developing modern, energy-efficient
urban infrastructure, including public transport, water and solid waste
management, through state-of-the-art projects and public-private partnerships.
In FY16, IFC supported the expansion of the Istanbul metro and Heksagon
waste management company in Turkey, which offers solutions to turn urban
solid waste into energy and fertilizer, and is now looking for similar
sustainable projects across the region.
The year also marked IFC’s first green bonds
transaction in the region with the Turkish Bank TSKB, to attract institutional
investors to finance a portfolio of green projects across industries.
“Every third dollar of our investments in
the region over the past year was climate smart,” said Tomasz Telma,
IFC Director for Europe and Central Asia. “In addition to finance, we
provide advisory services to manufacturing companies and financial institutions
across the region to maximize impact, and leverage private sector resources
to improve efficiency and invest in new technologies.”
In FY16, IFC invested over $2.6 billion in
Europe and Central Asia, including $516 million in mobilized funds, to
support the growth of sustainable private companies and contribute to long-term
economic development across the region.
IFC’s goal is to make climate investments
28 percent of its global annual new commitments by 2020.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org