Fig Global Magc Tender

Project Number 605073Primary Business Area Financial Institutions GroupDisclosure Date Oct 21 2020Country World RegionRegion WorldIFC Approval Date Apr 20 2020Status ActiveProject Estimated Start Date Apr 20 2020Project Estimated End Date Jun 30 2027 Project DescriptionThrough the UK-IFC Market Accelerator for Green Construction MAGC program IFC will provide Green Building Finance core advisory services to 10 Financial Institutions FIs clients. In addition to these services most of the clients will have an accompanying IFC investment to support finance of green building construction. The core advisory services will be deployed with the following objectives 1 to enable partner FIs to identify suitable green building projects to be financed. Under the MAGC Program projects financed by partner FIs must achieve IFC-approved green building certification and can demonstrate at least 20 improvements in operational energy efficiency versus local benchmarks. 2 to monitor eligible projects from design through completion of construction to enable partner FIs to properly and accurately capture and monitor the impact of eligible projects and 3 to raise awareness in eligible countries around the business case and opportunities for financing certified green buildings within their chosen markets. The objectives described above intend to increase awareness of the commercial attractiveness of green buildings and associated debt as an asset class increase local green building pipelines provide a simple and affordable definition for green buildings define simple procedures for green building eligibility screening and portfolio monitoring and strengthen networks for FIs with other stakeholders. Through this project IFCs Financial Institution Group will contribute to the overall UK-IFC MAGC programs objective to boost the uptake of greener construction practices and technologies in up to 23 emerging markets by catalyzing private sector investments for new certified green building construction projects. The UK-IFC MAGC program is supported by the Government of the United Kingdom.Expected Development Impact 10 financial institutions will report improved knowledge and practices in green building andor green mortgages finance 10 financial institutions will capture and report impact through the Climate Assessment for Financial Institutions CAFI tool.