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Eye on the environment - and profit
Published: 27 July, 2007, 08:52
The International Finance Corporation and MDM Bank say they will provide loans for energy efficiency to Russian companies.
BP’s Russian joint venture TNK-BP said Thursday it will spend up to $US 1 BLN to cut the waste gas it burns off, known as gas flaring.
It comes as the International Finance Corporation is lending Russia's MDM bank $US 20 MLN for energy efficiency projects.
The credit line is part of an overall $100 MLN loan the IFC is granting to the Russian bank.
Cooperation between the two institutions is on the rise, with the IFC set to become a 5 % shareholder in MDM, Russia's sixth largest bank.
“I have seen that these $US 20 MLN could become $US 200 MLN and if we do it, other banks – private banks and public banks – will certainly enter this market because as I have said there are favourable terms attached to this type of credit, more manageable in medium and long-term for small and medium sized enterprises which they will find as a very low cost financing,” explained Michelle Pear, the Board Chairman of MDM Bank.
27.07.2007, 08:37
Russia's GDP to grow by 7% in 2007: IMFThe Russian economy has once again outperformed expectations, and is set to grow by 7% this year. These are the latest predictions from the International Monetary Fund which says along with India and China, Russia is contributing to a bumper year for the |
27.07.2007, 11:44
Russian Forbes publishes Top 50 celebrities listThe Russian edition of Forbes magazine has published its list of the most popular and richest celebrities of Russia. There are 50 of them: actors, musicians, models and sportsmen. |
