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Philippines: IFC provides loan to EDC

Alexander Richter Alexander Richter 5 Dec 2008

The International Finance Corporation, the private sector arm of the World Bank, has signed a 15-year loan agreement worth P4.1 billion with the Energy Development Corporation (EDC).

The International Finance Corporation, the private sector arm of the World Bank, has signed a 15-year loan agreement worth P4.1 billion with the Energy Development Corporation (EDC). EDC was formerly part of the Philippine National Oil Development Corporation (PNOC EDC). EDC accounts for about 60% of the country’s installed geothermal capacity.

The loan will be used for the company’s renewable energy initiatives, particularly to improve efficiency in the geothermal sector. Further the loan will also be used for EDC’s plan to bid for the acquisition of the National Power Corporation’s geothermal plants. Source: jelantah.com