Nigeria to benefit from IFC’s $3 billion portfolio
According to him, IFC has a green building investment portfolio of more than $3 billion, which includes its own direct investments and mobilised financing, which Nigeria can access with proper arrangement in place.
He said the corporation is presently complementing its investment work and advising governments on green building regulations in Bangladesh, Colombia, Costa Rica, Indonesia, Peru and Philippines, among others.
Lore said going green and affordability are not mutually exclusive, but dual possibility, adding: “We know from our global experience that we do not have to give up one to achieve the other, what we need is a way to put buildings onto a greener path with solutions that are sensible in the Nigerian context EDGE can help accomplish that.”
IFC is a member of the World Bank Group, the largest global development institution focused on the private sector in emerging markets and works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world.
It delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help reduce poverty and boost shared prosperity.
Lore gave the assurance at the weekend in Abuja at a forum tagged “Industrial developers forum,” aimed at discussing the pathway for a greener Nigeria through the construction industry.
According to him, an innovation of IFC- Excellence in Design for Greater Efficiencies (EDGE), was created to respond to the need for a measurable solution to prove the financial case for building green and to help jumpstart the proliferation of green buildings.
He stressed that EDGE includes complementary software to empower building professionals to quickly and easily determine the most cost-effective ways to build green, based on occupant behavior, building type and the local climate.
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