The International Finance Corp. (IFC), a member of the World Bank Group (WBG), is willing to give out more loans to Energy Development Corp. (EDC) to mitigate climate change.
 
"As a supporter of environmentally sustainable companies, IFC is pleased to work once again with EDC in its efforts to mitigate climate change, and our financing of renewable energy producers like EDC is a demonstration of this commitment," said IFC resident representative for the Philippines Jesse Ang.
 
Amid the global financial turmoil, EDC was able to secure a P4.1-billion ($82 million) loan from the IFC.

The loan will be used to fund to Greenfield projects, refinance the Miyazawa loan and build on cash to fund the bidding for the generating assets of the National Power Corp. (Napocor).

EDC is the dominant geothermal steam and power producer in the Philippines, with 60 percent of the country's installed geothermal capacity.

The company, formerly a state-owned enterprise called the Philippine National Oil Co.- Energy Development Corp. (PNOC-EDC), undertook a staged privatization that began with its initial public offering in December 2006.

IFC helped EDC adopt best practices in corporate governance during its transition from a stated-owned enterprise to a fully private company. In 2006, IFC became a core institutional investor of EDC when the geothermal firm listed its shares at the Philippine Stock Exchange.
 
"This loan from IFC is a testament to EDC's long-term vision of being not only the largest renewable energy company in the country but also to share its cutting-edge geothermal technology with the region and the world," EDC president Paul Aquino said.
 
"Despite the current financial crisis, IFC has proven to be our reliable partner in the development of this vital indigenous resource," he added.
 
IFC established an office in Manila in 1977, and has been investing in the Philippines for more than 40 years. As of June 2008, the country ranked second among IFC's exposures in the East Asia and Pacific Regions, with about $898 million in 32 projects.
 
To complement its growing investments, IFC is also expanding its advisory services to include public-private partnerships (PPP) as well supporting the development of small and medium enterprises.

IFC is focusing on Mindanao, and in 2006 opened an office in Davao City.
 
IFC creates opportunity for people to escape poverty and improve their lives. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments.
 
The firm's investments totaled $16.2 billion in fiscal 2008, a 34 per cent increase over the previous year.