WB's IFC shows interest in EDC's plan to expand abroad

International Finance Corp., the investment arm of the World Bank, is interested in taking a major role in the Energy Development Corp.'s plan to put up an international holding company. Energy Development Corp (EDC) president Richard Tantoco said said over the weekend that International Finance is "interested in our international [ventures]." "Their idea was once we have the international prospects, they'd like to invest in our international holding company," Tantoco added. There is no clear picture yet, said Tantoco, as to the degree the International Finance would want to be involved with EDC. He, however, stressed that there should be some sort of cooperation scheme with the investment arm of the World Bank. "[There] are still no specific plans for International Finance and Energy Development's cooperation," Tantoco said. Actually, he said there are other entities who may also be interested in a plan to expand EDC's international operations. "We actually have more than one offer," Tantoco said. Earlier, EDC disclosed plans to intensify its operations by tapping the international market in Indonesia since the country has one of the highest sources of geothermal power. "There are only, I think, 21 countries in the world where there's a lot of geothermal [power resources]. Indonesia has tremendous amount of potential," said Tantoco. Jesse Ang, resident representative to the Philippines of International Finance, said if Energy Development would tap them for additional funds, it will continue to give support. "We will continue to support them as they need. So will we increase our investments in EDC? Yeah, we probably would. We did the equity in the beginning because it was a key investment and now it's a fully privatized company and so I think it was a good thing to do," he said. In 2006, International Finance bought some $50 million worth of shares of Energy Development during the company's initial public offering. —JE/OMG, GMANews.TV