Climate Funds

Sept 27, 2013 (LBO) – Sri Lanka’s Pan Asia Bank said it had struck a deal to get 20 million US dollars to finance green energy, from in global climate fund. The bank is inviting clients to submit proposals for green projects.

The Global Climate Partnership Fund (GCPF) is promoted by the German and Denmark governments; KfW, a development financier and the International Finance Corporation, a World Bank arm.

The funds will come as a 7-year unsecured loan.

Pan Asia Bank said it was the first time a bank in South Asia had received 7-year funds from the GCPF.

The bank quoted Claude Pieris, chief executive of Pan Asia Bank said the loan will help fill the demand for ‘green lending’.

The bank said it will get technical support to “build its green lending portfolio of economically viable and climate friendly projects.”

The funds will be loaned for renewable energy projects and also to promote energy saving and green energy.

The bank said it will give ‘green leases’ to import hybrid vehicles and energy saving refrigerators, air conditioners and solar electricity installations.

The funds will also be given for large scaled pr