foir print

14.04.2006

Center-invest Bank and IFC provide investments into energy-saving technologies in the South of Russia

On April 7 Center-invest Bank and International Finance Corporation (IFC – a investment branch of World Bank group) have signed an agreement on granting a credit line to the Rostov Bank to the amount of USD 4 million for financing projects of energy-efficiency sphere.

It’s the first credit line that was granted within the framework of the IFC program of stimulation of investments into energy-saving technologies. Apart from that, IFC specialists provide consultations to the cusomers of Center-invest bank, which are aimed at market development.

Lars Toonell, the executive vice-president of IFC, underlined the importance of joint cooperation with CIB: “We are glad that exactly Center-invest Bank, for which we had become the first long-term creditor and with which we’ve been having business since 2001, became the first participant of this innovative program. This is a new stage of our relations”.

The chairman of the Board of Directors of Center-invest Bank, professor Vasily V. Vysokov, Doctor in Economics, highlighted the importance of the Program for the population and enterprises of the South of Russia: “Due to participation in this program our Bank will get useful experience of lending to the projects of energy-saving sphere. Given project will also be useful for the regional economy as it will allow the enterprises and individuals decrease energy resources costs resulting in the wealth growth”.

Center-invest Bank will be using the credit line to finance energy-saving projects in different branches of economy. Investments may be aimed at the development of the universal energy technologies, upgrading of energy-consuming technological equipment and also renewable energy sources.

Center-invest Bank experience is an important mark in the development of the market of energy efficiency financing in Russia.