SHANGHAI, PEOPLE’S REPUBLIC OF CHINA - The Asian Development Bank (ADB) is providing CNY300 million in partial credit guarantees to Shanghai Pudong Development Bank 600000.SH, or SPD Bank.

That will support private-sector financing of energy-efficient buildings across the People’s Republic of China (PRC).

SPD Bank is the first Chinese partner in a program set up by ADB to encourage financial institutions to lend to companies seeking to retrofit old buildings so that they use less energy or to construct so-called green buildings which are designed, constructed, and maintained to optimize energy and water efficiency over the buildings’ lifespan. Retrofitting buildings typically leads to energy savings of 20%-40%.