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IFC-Canada Climate Change Program

The International Finance Corporation (IFC)-Canada Climate Change Program promotes private sector financing for clean energy projects, through the use of concessional funds to catalyze investments in renewable, low-carbon technologies that would not otherwise happen. A portion of the program funds is also used to fund advisory services work to build local capacity, fill information gaps in the market, and enable countries to adopt regulatory and business environments that encourage the private sector to invest in renewable energy, energy efficiency, and cleaner technologies.

Support provider

Canada

Purpose of support

Project and program implementation

Eligible countries and regions

Projects funded by the Program have to be located in countries that are eligible for Overseas Development Assistance (ODA) and are also Non-Annex I Parties to the United Nations Framework Convention on Climate Change.

Eligibility criteria

To be eligible for IFC funding, a project must meet a number of criteria. The project must:

Be located in a developing country that is a member of IFC;
Be in the private sector;
Be technically sound;
Have good prospects of being profitable;
Benefit the local economy; and
Be environmentally and socially sound, satisfying our environmental and social standards as well as those of the host country

IFC does not lend directly to micro, small, and medium enterprises or individual entrepreneurs, but many of our investment clients are financial intermediaries that on-lend to smaller businesses.

Financial instruments

Concessional loans, Guarantees, In-kind contributions

Average time for accessing the source

Minimum time is 6 months, but can be up to 2 years

Decision-making information

IFC’s Blended Climate Finance (BCF) unit manages the Program and deploys funding for IFC investment and advisory projects. IFC business development staff in regional and global industry departments initiate the investment process by researching opportunities, conducting preliminary discussions with clients, compiling relevant market research, and performing initial integrity due diligence checks. When a project is determined to need concessional funding support, investment officers from BCF work with the investment team throughout the project cycle.

Monitoring and reporting procedures

IFC uses the Development Outcome Tracking System (DOTS) to measure the development effectiveness of its investment and advisory services. At the outset of a project, IFC's staff members identify standardized indicators with baselines and targets. IFC tracks progress throughout supervision, which allows for real-time feedback into operations until the project is finished.

Steps to access

To be eligible for IFC funding, a project must meet a number of criteria.

The project must:
•Be located in a developing country that is a member of IFC;
•Be in the private sector;
•Be technically sound;
•Have good prospects of being profitable;
•Benefit the local economy; and
•Be environmentally and socially sound, satisfying our environmental and social standards as well as those of the host country.

IFC does not lend directly to micro, small, and medium enterprises or individual entrepreneurs, but many of our investment clients are financial intermediaries that on-lend to smaller businesses.

Climate objective

Adaptation, Mitigation, Cross-cutting

Sectors and themes

Energy efficiency, Renewable Energy, Waste management

Type of support provider

Bilateral

Type of recipient

Private sector

Fund size

CAD 285,720,000 for concessional investments and CAD 5,830,000 to fund advisory services and technical assistance projects

Co-financing required

Application timeframe

On a rolling basis.

Trustee or administrator

International Finance Corporation (IFC)

Contact information

http://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/cb_home/mobilizing+climate+finance/blendedfinance_ifccanada

ksierraescalante@ifc.org

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IFC-Canada Climate Change Program

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