Fourth loan by IFC to Fransabank

The International Finance Corporation (IFC), a member of World Bank Group, signed a $20 million loan agreement with Fransabank, to finance energy efficiency, renewable energy, and climate change mitigation loans.

The loan is supported by the Canadian Government. This is the fourth loan given by the IFC to Fransabank as part of its support for sustainable energy financing. The package includes $14 million financed by the IFC and $6 million by IFC-Canada’s climate change program.

The IFC had earlier extended $10 million to Fransabank and $3 million to its subsidiary, the Lebanese Leasing Company (LLC). These loans have been completely used up. In February, the IFC gave $7 million to the LLC. This brought the total of environmentally friendly loans to $40 million.

Fransabank Chairman Adnan Kassar said: “The fourth loan that we signed with the IFC and Canada will help Fransabank support clean energy technologies and encourage sustainable energy projects that improve the competitiveness of local firms and increase their profitability.”

Greenhouse Gas (GHG) emissions shot up 28 percent since 1994. Total yearly emissions by 2020 are estimated at 95,000 tons.