WARSAW (Reuters) - IFC, a member of the World Bank Group, will invest 137 million euros ($153.3 million) in subordinated green bonds issued by Poland’s Bank Zachodni WBK to help it to finance climate-related projects, IFC said in a statement.
This is the first green bond issue by a commercial bank Poland, IFC said, though the government issued green bonds for the first time last year.
“With IFC’s support, BZ WBK will be able to significantly expand its existing climate portfolio in renewable energy, green buildings and climate-smart equipment, among others,” IFC said.
IFC said that Poland is among the top 10 countries in the European Union investing in energy efficiency measures, but a lack of targeted financing products and low appetite for risk in green financing has hindered its development.
“With IFC’s support, BZ WBK will play a key role in increasing investments in Poland’s climate financing market,” IFC said.
($1 = 0.8935 euros)
Reporting by Marcin Goclowski; Writing by Marcin Goettig; Editing by David Goodman