Shanghai Pudong Development Bank, one of China’s leading national joint stock banks, signed a risk-sharing agreement with IFC under the second phase of IFC CHUEE program on June 17, 2008 in Shanghai.
According to the agreement, IFC will provide the Shanghai Pudong Development Bank (SPD Bank) with a risk-sharing facility of 500 million Chinese renminbi ($72.5 million) that will enable the bank to fund energy-efficiency projects across the country totaling up to 1 billion renminbi ($145 million). This will help reduce 3.5 million tons of carbon dioxide emissions in China annually, the equivalent of taking 250,000 cars off the country’s roads each year.
Mr. Xie Wei, Deputy General Manager of Corporate and Investment Bank Department of SPD Bank, who signed the agreement, expressed a strong commitment in sustainable financing, “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.”
Michael Ipson, IFC Country Manager for China and Mongolia, Calvin Xu, Senior Industrial Specialist attended the signing ceremony. Mr. Fred Harald Nomme, Consul General of the Royal Norwegian Consulate General in Shanghai witnessed the signing.
Michael Ipson, IFC Country Manager for China and Mongolia shaking hand with Xie Wei, Deputy General Manager of Corporate and Investment Bank Department of SPD Bank at the signing ceremony on June 17.
Michael Ipson, IFC Country Manager for China and Mongolia shaking hand with Mr. Fred Harald Nomme, Consul General of the Royal Norwegian Consulate General in Shanghai.
