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NEDA approves P1.7B ‘green’ credit line

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By Joel Guinto
First Posted 05:37pm (Mla time) 10/21/2008

MANILA, Philippines— (UPDATE) The National Economic Development Authority (NEDA) has approved the establishment of a P1.7-billion credit facility for government projects that will promote energy conservation and address climate change, Malacañang said.

The Land Bank of the Philippines (LBP) will account for P344.29 million, while the remaining P1.377 billion will be sourced from a 20-million euro loan, denominated in Japanese yen, from German lending firm Kredintanstalt fur Wiederaufbau (KfW), which will be released in two tranches, according to NEDA memorandum to all board members of the agency.

“The proposed credit line aims to manage the demand and consumption of primary energy and lower greenhouse gas emissions by supporting initiatives, programs, and projects in the area of energy efficiency and climate protection in the Philippines,” the memorandum read.

The facility will run from 2009 to 2012, it added.

The LBP will assume “overall responsibility” for the project, official dubbed as the Credit Line for Energy Efficiency and Climate Protection (CLEECP), it said.

The project is expected to generate 722 new jobs, it said.

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Written by joelguinto

WedUTC2008-10-22T09:07:49+00:00UTC10bUTCWed, 22 Oct 2008 09:07:49 +0000 22, 2006 at 12:45 am10

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