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PRISTINA (Kosovo), April 16 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Monday it is providing a loan of up to 5 million euro ($6.2 million) to the fourth largest lender in Kosovo, TEB Bank, for financing residential energy efficiency projects.
“The loan will be on-lent to individuals, housing associations, producers and vendors of green technologies to support investment in energy efficiency technologies in residential buildings,” the EBRD said in a statement.
The loan will be extended under the Green Economy Financing Facility (GEFF) for the Western Balkans, a regional facility aiming to reduce energy intensity and improve energy efficiency. GEFF is supported by grant funding from the European Western Balkans Joint Fund under the Western Balkans Investment Framework, the European Union (EU) and Austria.
"An increase of 10% in the market penetration rates of green technologies and materials is expected in the Western Balkans region," the statement reads.
The EBRD said it has had a relationship with TEB since 2013.
“TEB has been a key partner financial institution for implementing green projects in the country, lending nearly 5 million euro under the Kosovo Sustainable Energy Programme (KoSEP),”
The GEFF was established in 2017 with an initial volume of 85 million euro for green economy investments in Albania, Bosnia and Herzegovina, Macedonia, Kosovo, Montenegro and Serbia.
In addition, an associated grant of 1 million euro from the EU will finance investment incentives to sub-borrowers in Kosovo, the statement added.
The EBRD has invested more than 322 million euro in 57 projects in Kosovo. The bank’s strategic priorities in the country are promoting inclusion, the green economy, economic resilience and regional integration.
($ = 0.81081 euro)