EBRD lending 5 mln euro to ProCredit Serbia for green investments

The European Bank for Reconstruction and Development (EBRD) said on Monday that it is providing a 5 million euro ($5.9 million) loan to ProCredit Bank Serbia for residential energy efficiency investments.

The funding, provided under the EBRD’s Green Economy Financing Facility (GEFF), will support investments in energy saving measures such as insulation, windows, heat pumps, solar panels and other solutions in privately-owned houses, the EBRD said in a statement.

Borrowers will also be eligible for up to 20% cashback on successful project completion, financed by the European Union (EU).

GEFF is a 135 million euro programme co-financed by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance. It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus).

To date, the GEFF in Serbia has reached more than 2,200 households and provided loans of more than 7.6 million euro for individual projects, that have contributed to savings exceeding 5,800 MWh of energy and a reduction of over 1,700 tonnes of CO2 emissions a year.

($ = 0.8501 euro)

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