IFC Supports Development of Renewable Energy and Biofuels in the Philippines
Manila, August 22, 2006 – The International Finance Corporation, the private sector arm of the World Bank Group, has announced plans to fund research into the development of renewable energy and biofuels in the Philippines.
The study will be coordinated by IFC’s technical assistance facility, the Private Enterprise Partnership for the Philippines, which is currently accepting proposals from local and foreign consultants to undertake the study. The study will investigate potential opportunities for using biodiesel and bioethanol and will examine the present and potential sources of feedstock, available technology, infrastructure, and regulation. It will also look at international best practice and key success factors in countries that have shifted some of their energy needs to alternative sources. This include Brazil, which is using ethanol, and India, which is using compressed natural gas.
“The study aims to gain a clearer understanding of the opportunities that can be derived from use of biofuels. It will also look at how IFC can play a role in transforming these opportunities into concrete gains for energy users in this country,” said Euan Marshall, Country Coordinator for PEP-Philippines.
The study comes as Philippine legislators deliberate on a renewable energy bill and a biofuels bill, both of which are aimed at developing the country’s alternative energy industry. “We feel it is the right time to do this study, given the interest and growing awareness from all sectors about cleaner sources of energy, especially for the transport sector,” said Marshall.
PEP-Philippines has to date received 10 proposals from a number of foreign and local consulting firms seeking to undertake the study, which is scheduled to begin in September with a targeted completion date of November 2006.
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit www.ifc.org.
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