World Bank Group International Finance Corporation will provide €10m in financing to the Credins Bank Albania for the expansion of renewable energy and energy efficiency projects in Albania.
The financing will be made available with the support of the Canadian government and allow Credins expand its assistance towards promoting the efficient use of resources and reducing greenhouse gas emissions.
Credins Bank CEO Artan Santo said that the collaboration with IFC will strengthen the bank’s role in combating climate change in Albania.
"We believe that the potential for development of sustainable energy finance in Albania is significant and aim to offer our services to companies that plan to go green," added Santo.
IFC will play an advisory role to Credins Bank through the Balkans Renewable Energy program with €1m of the funding expected to be made available from the IFC-Canada Climate Change Program.
Commenting on the deal IFC Europe and Central Asia director Tomasz Telma added, "Our initiative is expected to help Albanian companies become more resource efficient, profitable, and competitive, while improving the quality of life through reduced pollution."
Credins Bank has also been an active participant in IFC’s Residential Energy Efficiency advisory program in Albania since February 2010.