According to IFC website, IFC will support China Bank in raising long term funding for its lending program to qualifying green projects in the Philippines. Further, IFC anticipates the project will provide up to US$150 million in long-term financing for climate-smart and environmentally friendly projects such as renewable energy, green buildings, energy efficiency, and water conservation and waste water treatment projects.
Project Impact Assessment: - Stakeholders impact - IFC anticipates the project will provide up to US$150 million in long-term financing for climate-smart and environmentally friendly projects such as renewable energy, green buildings, energy efficiency, and water conservation and waste water treatment projects. Expected impact includes: i) increase in accessibility of financing for green projects to China Bank's customers; ii) improvement of China Bank's employees' skills related to climate change financing; and iii) provision of longer tenor funding and new instrument for China Bank to access capital markets. - Environmental and/or social impact - IFC anticipates the project will reduce CO2 emissions in the Philippines. The expected reduction on sub-borrowers' emissions and technical data on reductions in CO2 emissions will be collected and quantified through IFC's CAFI tool. Market Impact Assessment: IFC anticipates that the project will have the following market impacts: 1) it opens the market for climate finance and ultimately attracts more financial institutions into this space (competitiveness); and 2) it supports China Bank's contribution to the country's objective of tackling climate change challenges (sustainability) by adopting environmental sustainability principles and developing a new asset class that promotes greater market sustainability.
China Banking Corporation
Mr. Ryan Martin L. Tapia
President of China Bank Capital Corporation
28/F BDO Equitable Tower, 8751 Paseo de Roxas, Makati City 1226, Philippines
ACCOUNTABILITY MECHANISM OF IFC
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