Dominican Republic gets $20m Finance Programme

THE New Statesman reports that the International Finance Corporation (IFC), part of the World Bank Group, has signed a $20m financing arrangement to launch Banco BHD's new energy efficiency finance program designed to help firms in the Dominican republic to reduce the cost and consumption of energy and reduce harmful emissions.

With the IFC's support, BHD will finance energy efficiency projects for industrial and tourism fields throughout the Dominican Republic. This will generate savings while increasing companies' competitiveness.

The IFC revealed that its approach in the Dominican Republic center on improving the business environment, bolstering infrastructure, easing access to finance and encouraging sustainability. The $20m finance program is in line with IFC strategy.

CEO and executive vice president of IFC Lars Thunell,, stated:

"Today we inaugurate IFC's first energy efficiency finance program in the Caribbean, which underscores the innovative leadership of BHD in the region's financial sector.

''Our partnership with BHD will bring Dominican firms economic and environmental benefits. Not only is this smart business, but it also underlines the role the private sector can play in improving competitiveness and mitigating global climate change at the same time."

Thursday 20th May 2010

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