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Canada’s Total Climate Finance Contribution:
$1,300,000 CAD
- 2010 to 2011: $1,300,000 CAD
Targeted Countries:
Albania
Funding Period: 2010 to 2011
Type of Support:
Mitigation
Project Funded through a Canadian Facility:
IFC - Canada Climate Change Program (CCCP)
Delivery Partner(s):
Description
The IFC-Canada Climate Change Program provided a credit line to a local financial intermediary to develop a new product line dedicated to energy efficiency and renewable energy financing in Albania. This is the first local bank in Albania to offer sustainable energy financing to corporate/small and medium-sized enterprise (SME) clients. In parallel, IFC Advisory Services are provided to the bank to build pipeline and capacity to execute energy efficiency and renewable energy loans.
Results/Expected Outcomes
With support from Canada, this project is expected to mobilize an additional $11.3 million in co-financing from public and private sources and lead to an estimated greenhouse gas emissions reduction of 600 metric tons of CO2 per year.* In addition, this project is expected to help establish a track record of successful climate friendly investments in Albania, reduce initial entrant market barriers and promote uptake of similar investments by other financial institutions. To date, the bank has approved funding to four small hydropower plants with a 4.4 megawatt (MW) combined capacity.
Co-Financing/Mobilized Finance ($CAD):
$11,300,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *:
600