December 28 (SeeNews) - The European Bank for Reconstruction and Development said it is lending $4.0 million (3.0 million euro) to Moldova’s ProCredit Bank to finance energy efficiency projects in the country.
ProCredit Bank will use the loan to help households to acquire more efficient equipment, appliances and materials, and to reduce their energy bills, the EBRD said in a statement.
The loan is part of the EBRD's Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) which provides loans worth a combined 35 million euro to local partner banks for financing residential energy efficiency improvements.
Moldova’s ProCredit Bank is part of a network set up in 2001 by international financial institutions to support the growth of small and medium-sized private enterprises in developing countries.
Since the beginning of its operations in Moldova, the EBRD has signed 92 investment projects in energy, transport, agribusiness, general industry and banking sectors for a cumulative amount of almost 713 million euro.
($ = 0.7566 euro)