2 June 2004. The German government today welcomed a commitment by the World Bank Group to push for an average growth rate of 20 percent per year over the next five years in its annual commitments for financing of renewable energy and energy efficiency projects.

The World Bank Group is expected to formally announce this substantial increase in its lending for renewable energy and energy efficiency at the plenary session of the International Conference on Renewable Energies on Thursday.

Peter Woicke, Managing Director of the World Bank, conveyed the commitment today in a meeting with Heidemarie Wieczorek-Zeul, the German Federal Minister for Development Cooperation, in the wings of the Bonn Renewables 2004 conference.

Woicke noted that the commitment would require approval of the World Bank Group's Board of Directors.

Minister Wieczorek-Zeul welcomed this commitment from the World Bank Group and pledged her support, as a Governor of the Bank, for a stronger role of the Bank in financing renewable energy services in developing countries.

The commitment is expected to push the level of annual financing for renewable energy and energy efficiency projects to a level of US$400 million by 2010.