DBP partners with USAID for clean energy investments
Manila (6 September) -- State-owned Development Bank of the Philippines (DBP) is partnering with the United States Agency for International Development's ECO-Asia Clean Development and Climate Program (ECO-Asia) to promote clean energy investments in the country through a memorandum of understanding signed last October 1, 2009.
ECO-Asia is a regional program funded by USAID that aims to bridge the gap between investments and clean energy business by building partnerships in several of Asia's fastest-growing economies. DBP president and chief executive officer Reynaldo G. David said ECO-Asia's expertise in providing pro bono technical assistance to clean energy project developers, as well as its ability to harness a global pool of investors for a project, makes it a key partner in promoting new and renewable energy initiatives in the country.
He added that DBP's reputation as a progressive government development financial institution, and its local knowledge, will allow it to effectively channel ECO-Asia's resources to areas that have the most significant impact to the local population. "Once the fruits of this partnership are realized and green electricity flows to rural communities, business opportunities, local employment, and genuine sustainable development will inevitably follow," David stressed.
The partnership will help stimulate more clean energy investments in the country, particularly in the Visayas and Mindanao regions, which hold the highest potential for clean energy projects due to abundant natural resources and a progressive agricultural industry.
ECO-Asia is the regional coordinator of the Private Financing Advisory Network (PFAN), a multilateral, public-private partnership initiated by the Climate Technology Initiative in cooperation with the United Nations Framework Convention on Climate Change. In addition to the Philippines, PFAN is active in other Asian countries including China, India, and Indonesia. (DBP) [top]