December 24 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it is providing a 15 million euro ($17 million) loan to Moldova’s second-largest city Balti to upgrade its district heating system.
The loan will be granted to state-owned company CET Nord JSC, which provides district heating services to around 70% of the city’s population, as well as to numerous public buildings and commercial entities, the EBRD said in a press release.
The EBRD will provide a 14 million euro funding, alongside a Green Climate Fund (GCF) financing of 1 million euro. The loan will be complemented by a 2 million euro grant from the Eastern Europe Energy Efficiency and Environment Partnership (E5P) fund.
The project is a follow-on investment in Balti’s district heating system under the flagship urban sustainability programme, EBRD Green Cities. It addresses the city’s key environmental challenges, including air quality and climate change, exacerbated by the underperforming energy distribution network and the low level of investment in building energy efficiency.
($ = 0.884 euro)