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|6 December 2009
Philippines: Concessional loan to induce $2.75bn in investments
The Philippine government expects to receive $250 million from the Clean Technology Fund to help the country implement projects that will mitigate climate change, the Philippine Daily Inquirer reported, quoting to Energy Secretary Angelo T. Reyes.
Reyes said the fund would help leverage an estimated $2.75 billion worth of investment needed to implement key programs and projects that would significantly reduce greenhouse gas emissions.
The Clean Technology Fund is as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.
To be issued as concessional loans, the CTF will largely support the deployment of low carbon energy technologies as well as energy efficiency measures for industry, commercial buildings and municipalities.
Activities supported by the fund will get co-financing from the Asian Development Bank's regular operations and this is expected to mobilize additional financing from both the government and the private sector.
Reyes pointed out that the $251-million funding--endorsed by the Trust Fund Committee of the CTF and supported by the ADB and the World Bank--was expected to develop a wide range of energy efficiency and renewable energy projects in the Philippines.
The Philippines is one of the leading countries in the use of renewable energy. Forty-three percent of its total primary energy supply comes from such sources, although the country still has one of the lowest per capita electricity consumption in the East Asia region.
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