The Land Bank of the Philippines signed a loan of agreement with the Kreditanstalt fur Wiederaufbau (KfW) of Germany, in order to help address the effects of climate change.
The said agreement covers some EUR 20 million or P1.2 billion loan for re-lending to eligible sub-borrowers under the Credit Line for Energy Efficiency and Climate Protection (CLEECP) project.
The CLEECP project will finance projects: reduction of primary energy; consumption and direct greenhouse gas emissions like replacement, retrofitting, or energy efficient modernization of CFC, HFC and HCFC chillers; installation or energy efficient modernization of biomass cogeneration facilities; and replacement or energy efficient modernization of machinery and equipment powered by primary energy resources. (PIA)