The project is a replication of the Hungary Energy Efficiency Co-financing Program. IFC will employ a contingent financing modality which uses GEF resources to leverage IFC and private capital. Under the Project, IFC will provide partial guarantees, and related credit enhancement mechanisms adapted to country market conditions, supporting the financing of energy efficiency (EE) projects by domestic financial institutions (FIs), as well as private project sponsors. IFC will serve as guarantor pursuant to guarantee facility agreements with participating local FIs. IFC resources will be combined with GEF funds as reserves supporting the guarantees. The Project includes a complementary technical assistance (TA) program to develop a pipeline of finance-ready EE projects and to build commercial capacities of EE businesses and participating FIs. The Project will mobilize local financial and EE industry resources and commercialize EE finance by engaging key parties -- FIs, EE and energy service company businesses and end-users -- to implement EE projects on commercial terms.
Project Details
GEF Project ID
1541
Country
Regional
Implementing Agencies
The World Bank
International Finance Corporation
Approval FY
Status
Completed
Region
Regional
Executing Agencies
International Finance Corporation (IFC)
GEF Period
GEF - 2
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund
Project Documents
Financials
USDCo-financing Total
20,850,000
GEF Project Grant
11,250,000
GEF Agency Fees
0
Timeline
Received by GEF
Concept Approved
Project Approved for Implementation
Project Closed