Monthly Operational Summary of Bank and ida proposed Projects

East Asia And Pacific

Philippines

Energy and mining

Philippines Renewable Energy Development: The Philippines Renewable Energy Development (PHED) Project is being prepared as an IBRD partial credit guarantee that will be financed by the Clean Technology Fund. With funding from the CTF, a sovereign guarantee from the Government of the Philippines will not be required. The $44-million from the CTF will be used as call-able cash by a Government program, the Electric Cooperative Partial Credit Guarantee (ECPCG) facility; because it has the status of cash, it may be leveraged many times. ECPCG is an existing, successful program that supports commercial bank lending to electric cooperatives. PHRED will expand the program and extend eligibility for ECPCG support to renewable energy investments in which there is some form of electric cooperative participation, including as a buyer of the output. It is anticipated that PHRED will enable ECPCG to leverage $500-million in additional private investment in the EC sector over the first five years of CTF guarantee coverage.

The Guarantee instrument used in the Philippines Renewable Energy Development Project is a CTF Guarantee, which, while not directly backing credit risks of loans, indirectly supports partial credit guarantees through the Electric Cooperative Partial Credit Guarantee Program. Therefore, for the purpose of SAP, it is coded as Partial Credit out of the available options of Partial Risk, Partial Credit, or Policy-Based Guarantees. Approval completed on 12 May 2016. Environmental Assessment Category F. Project: P147646. US$ 44.0 (CCTF). Consultants will be required. LGU Guarantee Corporation Tel: [phone], E-mail: [e-mail], Contact: Lydia Orial, CEO.