The European Bank for Reconstruction and Development (EBRD)’s Green TFP recently won an Innovative Product award from Global Finance magazine.
Green TFP is on the “The Innovators 2017 – Trade Finance” list that will be featured in the magazine's 30th anniversary issue this June, according to a bank press release.
Green TFP allows banks participating in the EBRD’s Trade Facilitation Program (TFP) to use existing TFP facilities to help finance imports, exports and regional distribution of green technologies. Green TFP has helped import wind turbines from Germany to the Ukraine and has helped import hydroelectric power gear from France to Georgia. Another project helped Serbia import Slovenian water-saving taps.
“This award is a huge recognition not only for us but also for our partner banks, and we are delighted," Rudolf Putz, EBRD's head of TFP, said in the release. "We would like to share this award with issuing and confirming banks all over the world that have used our facilities in 2016 for financing 220 Green TFP transactions. It is an important innovative step for trade finance and it strengthens the EBRD’s efforts to make the countries where we invest greener with our activities."
Terry McCallion, EBRD director of energy efficiency and climate change, said Green TFP was created by "dedicated" energy efficiency and climate change managers and trade finance bankers.
“Linking knowledge and expertise across the institution and fostering cooperation across teams has allowed us to develop a distinct comparative advantage," McCallion said. "Broadening the scope of our GET approach to trade finance has paved the way for a wider environmental impact of our operations.”