IFC, a member of the World Bank Group, and Shanghai Pudong Development Bank have signed an agreement to collaborate to support energy-saving projects that will help reduce 3.5 million tons of carbon dioxide emissions in China annually.
The risk-sharing agreement falls under the second phase of IFC's China Utility-based Energy Efficiency Finance program. Under the agreement, IFC will provide the Shanghai Pudong Development Bank with a risk-sharing facility of CNY500 million that will enable the bank to fund energy-efficiency projects across the country totaling up to CNY1 billion. SPDB is the third Chinese commercial bank to participate in the CHUEE Program, along with Industrial Bank and Bank of Beijing.
"As a publicly listed company that actively advocates corporate social responsibility, SPD Bank is committed to promoting green financing to help build a sustainable and resource-conservation society. We look forward to developing a strong partnership with IFC, so that we can jointly contribute to China's energy efficiency and environmental protection causes," stated Xie Wei, deputy general manager of SPDB's corporate and investment bank department.
