EBRD lends € 5 million to ProCredit Serbia for green investments

BELGRADE (Serbia), Aug. 9 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) announced on Monday that it is providing a loan of 5 million euros ($ 5.9 million) to ProCredit Bank Serbia for investments in residential energy efficiency.

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

Borrowers will also be eligible for up to 20% cash back on successful completion of the project, funded by the European Union (EU).

GEFF is a € 135 million program co-funded by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance. It is implemented under the Regional Energy Efficiency Program for the Western Balkans (REEP Plus).

To date, GEFF in Serbia has reached over 2,200 households and granted loans of over € 7.6 million for individual projects, which have contributed to savings of over 5,800 MWh of energy and to a reduction of over 1,700 tonnes of CO2 emissions per year.

($ = 0.8501 euro)

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