International Finance Corporation to support sustainable energy projects in China
World Bank Group member International Finance Corporation (IFC) has launched a risk-sharing facility to support energy-efficiency and renewable-energy projects in the coastal province of Jiangsu, China in partnership with the Bank of Jiangsu.
The facility is extended under IFC's China Utility-based Energy Efficiency Finance Program (CHUEE) and will support 30 energy-efficiency and renewable-energy projects in the region by extending loans worth $144m.
China's Ministry of Finance, the Jiangsu Provincial Finance Department and the China Clean Development Mechanism Fund are co financing the facility with funds worth $73m.
IFC will also play an advisory role for the funding partners and the Bank of Jiangsu in evaluating sustainable energy projects.
World Bank Group President Jim Yong Kim remarked that CHUEE Jiangsu is a demonstration of private-public partnerships to promote economic opportunities while protecting the environment.
Bank of Jiangsu chairman Huang Zhiwei added, "With support from the government at all levels and IFC, we are able to contribute to China's low-carbon economy by helping Jiangsu enterprises implement renewable-energy and energy-efficiency projects."