IFC partners Cagamas to drive green building finance and sustainability in Malaysia

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The International Finance Corporation (IFC), the global development institution of the World Bank Group, has signed a memorandum of understanding with Cagamas Berhad, the National Mortgage Corporation of Malaysia, to advance green building finance in Malaysia, further supporting the country’s sustainable development goals.

IFC said in a statement on Monday that the collaboration aims to promote climate-smart investments in the housing and broader building sector and improve the capacity of financial institutions to issue green building finance products aligned with Malaysia’s climate goals, including green bonds, green credit lines, and financing for sustainable cooling technologies.

It also aims to help financial institutions to build pipelines of bankable projects and manage environmental, social, and climate risks in the building sector, as well as facilitating dialogue and knowledge exchange on addressing barriers to sustainable housing development between the public sector and banking sector, among other initiatives.

The collaboration also seeks to make green housing more affordable and accessible to lower-income groups and women in Malaysia by growing the market for green mortgage products and addressing other housing finance gaps.

According to the statement, expanding the growing market for green building finance is essential for Malaysia to realize its goal of achieving net-zero emissions by 2050, presenting significant opportunities in this sector.

It is noted that this collaboration is the first engagement in the green building sector in Malaysia for IFC, which established a presence in the country in 2023.

“We are delighted to collaborate with Cagamas on this engagement, which will play a critical role in supporting not only the increasing need for green housing in Malaysia, but also the country’s inclusivity agenda,

“Together, we aim to improve access to housing and reduce emissions, encouraging climate-smart investment in the building sector, and strengthen the financial sector’s capacity to support Malaysia in achieving its climate commitments under the Paris Agreement,” said Judith Green, Country Manager for the World Bank Group in Malaysia.

Kameel Abdul Halim, President and Chief Executive Officer of Cagamas, said that this collaboration marks another milestone in Cagamas’ commitment to driving sustainable development to promote green and affordable housing for all Malaysians.

“At Cagamas, we understand that the transition to green practices across sectors requires significant financial resources and innovative approaches,

“Through this partnership, we aim to expand access to green mortgage options and collaborate with financial institutions to create a more inclusive and sustainable housing market that contributes to a greener Malaysia,” he added.

IFC is the largest global development institution focused on the private sector in emerging markets.

The institution works in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

 

#GreenFinance #SustainableHousing #ClimateInvestment #NetZero2050 #MalaysiaGreenBuilding

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