IFC, Canada, and Credins Bank Support Environmentally Friendly Projects in Albania
Tirana, Albania — IFC, a member of the World Bank Group, with the support of the Government of Canada, is helping Credins Bank Albania expand its financing of renewable energy and energy efficiency projects, promoting the efficient use of resources and reducing greenhouse gas emissions.
IFC will provide €10 million in financing to the bank, including up to €1 million from the IFC-Canada Climate Change Program. That will help the bank provide loans to Albanian companies interested in investing in energy efficient technologies and renewable energy projects. The Government of Canada’s contribution was instrumental, helping to make the financing package viable.
“This partnership with IFC will help us take a leadership role in combating climate change in Albania,” said Artan Santo, Credins Bank CEO. “We believe that the potential for development of sustainable energy finance in Albania is significant and aim to offer our services to companies that plan to go green.”
Canada’s Environment Minister, the Hon. Peter Kent, said, “The global challenge of climate change requires a global solution, and Canada is proud to support environmental efforts such as these.”
Tomasz Telma, IFC Director for Europe and Central Asia, said, “Increasing sustainable energy use will provide Albania with environmental and economic benefits. Our initiative is expected to help Albanian companies become more resource efficient, profitable, and competitive, while improving the quality of life through reduced pollution.”
IFC will provide advisory support to Credins Bank through the Balkans Renewable Energy program. Credins Bank has also been an active participant in IFC’s Residential Energy Efficiency advisory program in Albania since February 2010.
Albania became a shareholder and member of IFC in 1991. IFC’s investment portfolio in Albania stands at $223 million (€166 million). IFC is focusing its investment services on financial markets, energy and infrastructure. IFC’s advisory services in Albania aim to improve the investment climate, strengthen the performance of private sector companies, increase access to finance, and attract private sector participation in infrastructure projects.
About the IFC-Canada Climate Change Program
The IFC-Canada Climate Change Program promotes private sector financing for clean energy projects. Canada’s financing to IFC for this program is part of its overall fast-start financing contribution for 2010–2011. Under the Copenhagen Accord, developed countries committed to provide fast-start financing of almost $30 billion for 2010–2012 to support climate change mitigation and adaptation in developing countries. As part of Canada’s commitment to support climate change action in developing countries, Canada is contributing 1.2 billion Canadian dollars in new and additional climate change financing over three years (fiscals 2010-2013).
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, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
For information about Credins Bank, visit http://www.bankacredins.com/
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