Energy Saving News
IFC to finance energy-saving initiatives in Asia
International Finance Corporation (IFC) will fund the introduction of energy-saving initiatives by Mitsubishi UFJ Lease and Finance under the terms of a new agreement.
As the investment arm of the World Bank, IFC has signed a memorandum of understanding with the Japanese firm to provide financing for energy efficiency and renewable energy projects in Asia's developing nations.
Mitsubishi UFG aims to use the partnership to develop energy-saving solutions for businesses, including the installation of waste heat recovery systems, thermal insulation and energy-efficient lighting for office buildings.
"IFC also sees opportunities for Mitsubishi UFJ Lease and Finance to collaborate with Japanese manufacturers and engineering companies in transferring their environmentally-friendly production technologies to developing countries," said Lars Thunell, IFC's chief executive officer.
In addition, the partnership will examine ways of reducing carbon emissions and saving energy by making technical upgrades to industrial processes.
IFC currently has 182 member countries, providing authorised share capital of $2.4 billion.
Thursday 10th September 2009
