IFC to Develop a Banking Product for Vnesheconombank to Fund Energy Efficient Projects
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Finance Corporation entered into an agreement on providing services to develop a banking product designed to fund projects in energy efficiency.
On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of IFC – by IFC Director for Europe and Central Asia Tomasz Telma.
The said agreement would allow Vnesheconombank to engage international expertise to develop a new product designed to fund projects in energy efficiency.
Under the agreement IFC is to assist Vnesheconombank in developing a mechanism for indentifying potential energy efficient projects and in forming their portfolio. There are plans to do research on the market for energy efficient projects by sectors and regions of the Russian Federation as well as conduct teaching trainings for Vnesheconombank’s employees.
This agreement’s implementation would help to upgrade the methodological base for forming portfolio of energy efficient projects and assist Vnesheconombank in raising long-term financial resources of international financing institutions to fund such projects.
The International Finance Corporation (IFC) established in 1956 is a member of the World Bank Group. 184 countries are IFC’s shareholders including the Russian Federation. They jointly determine its policy through their participation in the Board of Directors. IFC renders assistance to developing countries in ensuring sustainable growth by way of funding investments, raising capital on international financial markets and providing consulting services to companies and governments.
Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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