IFC backs sustainable energy finance initiatives for economic zones
Wednesday, 25 November 2009
The World Bank Group member International Finance Corporation (IFC) is working with the Bangladesh Export Processing Zones Authority (BEPZA) to increase the availability of financing for businesses interested in investing in renewable energy or energy efficient projects, said a press release.
IFC organised a seminar on sustainable energy finance at the Dhaka Export Processing Zone recently that brought together Bangladesh zone authorities and entrepreneurs operating within existing zones.
The seminar will be followed by similar seminars in the Comilla and Chittagong export processing zones early next year.
The seminar included sessions on business and environment, the basics about climate change, opportunities and risks stemming from climate change impacts, and financing options for environment-friendly projects.
BEPZA Member Mahbubur Rahman said, "We expect this seminar will generate enthusiasm for renewable energy and energy efficiency among our businesses. IFC can bring expertise in developing financial products suitable for zones."
"Economic zones are ideal places to pilot sustainable energy initiatives because we can work with collective groups of like-minded entrepreneurs to help them find the right financing options to meet their needs," said Roger Handberg, IFC Programme Manager for Access to Finance.
The Bangladesh Investment Climate Fund, managed by IFC in partnership with the United Kingdom's Department for International Development and the European Commission, has a comprehensive programme on environmental management in economic zones that aims to increase environmental compliance among businesses.
The South Asia Enterprise Development Facility, managed by IFC in partnership with DFID and the Norwegian Agency for Development Cooperation, is working with the Bangladesh Central Bank and private financial institutions to provide funds for green business investments. Bangladesh Bank recently created a refinancing mechanism to finance effluent treatment plants and biogas and solar projects, affording businesses financing at a lower interest rate.
IFC organised a seminar on sustainable energy finance at the Dhaka Export Processing Zone recently that brought together Bangladesh zone authorities and entrepreneurs operating within existing zones.
The seminar will be followed by similar seminars in the Comilla and Chittagong export processing zones early next year.
The seminar included sessions on business and environment, the basics about climate change, opportunities and risks stemming from climate change impacts, and financing options for environment-friendly projects.
BEPZA Member Mahbubur Rahman said, "We expect this seminar will generate enthusiasm for renewable energy and energy efficiency among our businesses. IFC can bring expertise in developing financial products suitable for zones."
"Economic zones are ideal places to pilot sustainable energy initiatives because we can work with collective groups of like-minded entrepreneurs to help them find the right financing options to meet their needs," said Roger Handberg, IFC Programme Manager for Access to Finance.
The Bangladesh Investment Climate Fund, managed by IFC in partnership with the United Kingdom's Department for International Development and the European Commission, has a comprehensive programme on environmental management in economic zones that aims to increase environmental compliance among businesses.
The South Asia Enterprise Development Facility, managed by IFC in partnership with DFID and the Norwegian Agency for Development Cooperation, is working with the Bangladesh Central Bank and private financial institutions to provide funds for green business investments. Bangladesh Bank recently created a refinancing mechanism to finance effluent treatment plants and biogas and solar projects, affording businesses financing at a lower interest rate.