IFC and Intesa Sanpaolo Bank Albania Cooperate to Develop Renewable Energy Market. Was signed an agreement in advising the Bank to enhance internal staff expertise for financing renewable energy projects.
|Tirana, Albania, September 30, 2013IFC (International Finance Corporation), a member of the World Bank Group, and Intesa Sanpaolo Bank Albania, one of Albania’s top 5 commercial banks, signed an agreement in advising the Bank to enhance internal staff expertise in identifying opportunities for financing renewable energy projects, with a particular focus on small hydro power plants. This initiative is a part of the broader IFC’s effort to help local financial institutions in the Western Balkans develop the renewable energy market and increase their investments in the sector. Albania is known for having large hydropower potential, but has yet to develop it fully.“IFC is uniquely positioned to help countries transition to a low carbon future,” said Jasper Kjaer, IFC Regional Head of Advisory Services. “To that effect, we developed a comprehensive advisory package tailored for local banks in the Western Balkans, which will improve their ability to penetrate the clean energy business.”
“This cooperation represents a new milestone in our long-term strategy for Albania,” said Alexander Resch, CEO of ISP Albania. “Intesa Sanpaolo Bank Albania believes in the future development of the Albanian renewable energy market and is committed to support its investors in the most professional way by building up a specialized team.”
IFC, through Renewable Energy Advisory Program, aims to foster the development of the renewable energy market in Albania and in the broader region of the Western Balkans by working with government officials to improve the regulatory framework, cooperating with renewable energy companies to enhance their project design and advising local banks to boost lending for such projects.
IFC is implementing its Renewable Energy Advisory Program in the Western Balkans in partnership with the Austrian Finance Ministry.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges.
About Intesa Sanpaolo Bank Albania
Intesa Sanpaolo Bank Albania is a bank of Intesa Sanpaolo Group, since 2008. The bank operates in Albania through a network of 31 branches and serves its customers in the areas of Corporate, Retail and SME. The bank is among the top banks of the country with a total deposit of Lek 109 billion and total lending of Lek 54 billion referring to official statistics as of June 30, 2013, published by the Albanian Association of Banks.