December 22 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will provide two loans worth a total of 4 million euro ($4.5 million) to Kosovo's micro credit organisation KEP Trust to back investments in energy efficiency and women-led businesses.
The European Union, Sweden and Luxembourg are supporting the loan package with grants and technical assistance, the EBRD said in a statement.
The EBRD will provide 3 million euro to KEP Trust under its Green Economy Financing Facility II (GEFF II) to support investments in energy efficiency in the residential sector, the bank said. Borrowers can receive cashback of up to 20% of their total investment, funded by the EU, after project implementation.
The EBRD will also extend a 1 million euro loan to KEP Trust for sub-lending to women-led businesses under its Women in Business Programme, which is backed by the governments of Sweden and Luxembourg.
The GEFF is supported by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance and is part of the Regional Energy Efficiency Programme (REEP) for the Western Balkans.
Founded in 1999 by the Swiss humanitarian organisation International Catholic Migration Commission and by the Prizren Business Club, KEP is the largest microfinance institution in Kosovo. The organisation operates 31 branches with a total of 244 employees.
($ = 0.8848 euro)