November 9 (SeeNews) - International lenders will contribute 90 million euro ($134.63 million) in an energy efficiency fund for the western Balkan countries and Turkey, the European Bank for Reconstruction and Development said.
The European Bank for Reconstruction and Development (EBRD) will provide an equity investment of up to 25 million euro ($37.4 million) in the Southeast Europe Energy Efficiency Fund currently under development together with other international lenders like the European Investment Bank (EIB) and German state-owned development bank KfW.
The Southeast Europe Energy Efficiency Fund (SEEEF) is developed in cooperation with the European Commission and will provide financing through local financial institutions to the energy efficiency sector in the pre-accession countries in the Balkan region (Croatia, Serbia, Bosnia, Montenegro, Macedonia and Albania) and Turkey, the EBRD said on its website.
The Fund will significantly increase the access to sustainable energy finance in the region and will pave the way for “small, uncomplicated energy efficiency investments that will contribute to reduced pollution, climate change mitigation, reduced energy bills, and increased energy security and comfort levels”, the EBRD said.
The project is intended to demonstrate the effects of rational energy utilisation for improving competitiveness in the light of the rising energy costs in the region.
The SEEEF will be based in Luxembourg.
($ = 0.6685 euro)