IFC and Santander Bank Polska start cooperation

The International Finance Corporation (IFC) from the World Bank Group and Santander Bank Polska undertake cooperation aimed at increasing access to financing for climate projects in Poland and supporting the development of the Polish economy after the Covid-19 pandemic.

Thanks to the first transaction of this type in developing economies, consisting in limiting the climate risk, IFC will support Santander Bank Polska in increasing the financing of green projects and in activities aimed at achieving Polish climate goals. The sole intermediary in this transaction was played by Santander Corporate & Investment Banking.

As part of the cooperation, IFC will provide Santander Bank Polska with a guarantee of up to $120 million to cover possible credit losses in the portfolio of consumer loans worth $730 million on the bank's balance sheet. Santander Bank Polska will allocate the capital released thanks to the IFC guarantee for financing worth at least $600 million for climate projects.

(WBJ)