The Bank for Development and Foreign Economic Affairs (Vnesheconombank) will receive the assistance under IFC’s broader goals for combating climate change and conservation of natural resources.
Vnesheconombank will employ the funding to develop products that suit the increasing demands for energy efficiency financing from Russian businesses.
IFC Europe and Central Asia Sustainable Energy Finance Program manager Maxim Titov remarked that Vnesheconombank is expected to play a key role in the modernization of the Russian economy.
"Our cooperation will not only bring significant economic benefits to the bank’s customers, but also have positive environmental and social impacts," noted Titov.
IFC will also provide special training on assessing energy efficiency projects, and support a marketing campaign to further promote energy efficiency in the country.
The lending agency invested $436m in 22 companies during the year 2012, to support climate-friendly investments in renewable energy, energy efficiency and water systems across the region.
