ifc invests in canvest to boost waste management and energy businesses in china
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(20 January 2016, Hong Kong) - Canvest Environmental Protection Group Company Limited ("Canvest" or "the Group;" stock code: 1381), a leading waste-to-energy ("WTE") provider in China, is pleased to announce that the Group will receive an approximately US$60 million (HK$465 million) convertible loan by IFC, a member of the World Bank Group, to support growth of its waste-to-energy (WTE) business and promote sustainable economic development in China.
Ms. Loretta Lee, Chairlady of Canvest, said, "The convertible loan from IFC is a great endorsement and recognition of our high operational standards and performance. This strategic investment will add tremendous value to the development of our business and will greatly support our growth targets."
China's rapid economic growth has improved living standards, increased population density, and elevated consumption levels, especially in urban areas. This, in turn, has contributed to sharp growth of municipal solid waste. However, waste management significantly lags behind waste generation. The waste management sector in China is a strategic priority for IFC due to its significant environmental impact and importance for sustainable urban development. Canvest is well-positioned to capture growth opportunities in the market and contribute to environmentally friendly development of China's growing cities.
"We believe WTE business can provide a much-needed waste treatment method besides being a source of renewable energy. This business has great potential to support China's continued economic development in a sustainable manner," said Hyun-Chan Cho, IFC's Head of Infrastructure, Asia. "We are committed to work with clients with established implementation track records and operational capacities, to improve environment and support inclusive growth in China."
IFC is a leading investor in and lender to companies and projects in urban infrastructure, including environmental services and WTE projects, in emerging markets. IFC will assist Canvest to grow and develop its business to improve waste management and environmental standards, as well as generate renewable energy in China, including in the frontier regions. This financing will reinforce Canvest's leading position in China's WTE market and help Canvest grow its business in the region.
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About Canvest
Canvest is a leading pure play WTE provider focused on the development, management and operation of WTE plants, with main presence in Guangdong province and growing operations in other provinces, such as Guangxi. Canvest is the second largest WTE provider in Guangdong province and the eleventh largest provider in China, according to the Euromonitor report in 2013. We currently own eight WTE projects in China. Canvest is listed on the main board of Hong Kong Stock Exchange (Stock Code: 1381). For more information, please visit http://canvestenvironment.com .
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it's needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, please visit www.ifc.org .
Media enquiries:
Strategic Financial Relations (China) Limited
Ms.Serine Li Tel：(852) 2864 4835 Email：serine.li@sprg.com.hk
Ms.Winnie Lau Tel：(852) 2864 4876 Email：winnie.lau@sprg.com.hk
Mr. David Wong Tel：(852) 2864 4846 Email：david.wong@sprg.com.hk
Ms.Jennifer Ran Tel：(852) 2864 4839 Email：jennifer.ran@sprg.com.hk
Ms.Carven Tsui Tel：(852) 2114 4947 Email：carven.tsui@sprg.com.hk
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