Manila, Philippines, May 8, 2012 —IFC,
a member of the World Bank Group, has signed a new risk-sharing facility
with the Bank of the Philippine Islands for its expanded Sustainable Energy
Finance program. The program provides loans and technical advice to energy
projects that cut electricity costs and lessen climate change.
This new agreement, which provides for the expansion of the first risk-sharing
facility signed in December 2009, will allow IFC and BPI to share the risk
for up to 5 billion Philippine pesos of the bank’s portfolio of energy
efficiency and renewable energy loans.
BPI was the first Philippine bank to sign up for the Sustainable Energy
Finance program after its launch in 2008. The bank has enrolled loans amounting
to some 1.4 billion Philippine pesos under the first risk-sharing facility
it signed the following year with IFC. The financial and technical
support under the Sustainable Energy Finance program has been benefiting
small and medium enterprises in Metro Manila and provincial areas.
“BPI is committed to continue working with IFC on a program that helps
small and medium enterprises lower their power costs and improve their
bottom line. Sustainable Energy Finance is also one way we are helping
address the country’s energy situation to make local businesses more competitive,”
said BPI President Aurelio Montinola III.
Serge Devieux, IFC’s Director, Financial Markets Asia, said, “Our partnership
with BPI has been very productive not only in terms of the robust lending
pipeline it has developed but also in raising awareness among entrepreneurs
and demonstrating that lending to energy efficiency and renewable energy
projects is potentially a profitable and sustainable business for Philippine
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,