LOANS & CREDITS
China: Energy Efficiency Financing Project
Washington DC, May 27, 2008—The World Bank's Board of Executive Directors today approved the following project.
IBRD Loan Amount: US$ 200 million
Terms: Fixed-Spread Loan of US 100 million with 30 years maturity including 5 years grace period and Variable Spread Loan of US$100 million to be repaid in full on September 15, 2025.
GEF Grant Amount: US$ 13.5 million
PROJECT DESCRIPTION: This project supports a major pillar of the Country Partnership Strategy for China: managing resource scarcity and environmental challenges. It will also contribute to the Bank’s recent efforts of developing a new investment framework to promote clean energy and energy efficiency by exploring effective ways of incorporating carbon finance and GEF technical assistance into the Bank’s lending operation in China. In addition, the proposed project would support the World Bank Group commitments of increasing renewable energy and energy efficiency lending support to clients by at least 20 percent per year during 2005–10.