The International Finance Cooperation (IFC) and Hangzhou municipal government signed an MOU (memorandum of understanding) for their joint efforts in supporting utility-based energy efficiency finance on the afternoon of Feb. 9. This is the first time for IFC to cooperate with a Chinese municipal government since it has launched The China Utility-Based Energy Efficiency Finance Program .
According to the MOU, the banks involved will provide Hangzhou enterprises with a total credit line of 5,000 million RMB yuan in financing the utility-based energy efficiency programme, and a sum of 1,000 million yuan in its first phase.