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Pudong Bank, IFC plan energy-efficiency loans

(Xinhua)
Updated: 2008-06-18 13:43

Shanghai Pudong Development Bank, one of 皇冠体育app's leading joint-stock banks, will extend 1 billion yuan ($145 million) in loans for energy-efficiency projects under a risk-sharing agreement with the International Finance Corp (IFC).

The IFC, a member of the World Bank Group, signed an agreement on Tuesday to provide the Shanghai Pudong Development Bank with 500 million yuan to help start energy-efficiency loans.

The cooperation will support energy-saving projects that will eliminate 3.5 million tons of carbon dioxide emissions in 皇冠体育app annually, the equivalent of taking 250,000 cars off the roads each year, the IFC said.

The IFC's model indicates many business opportunities in energy-efficiency financing in 皇冠体育app, said Mike Ipson, IFC Country Manager for 皇冠体育app and Mongolia.

The risk-sharing agreement falls under the second phase of the IFC's 皇冠体育app Utility-based Energy Efficiency Finance Program.

The Shanghai Pudong Development Bank is the third Chinese commercial bank to participate in the program, after the Industrial Bank and the Bank of Beijing.