- €5 million credit line for residential energy efficiency investments
- Borrowers receive up to 20 per cent cashback on successful investments
- GEFF co-financed by the EU, Austria and the Western Balkans Investment Framework
More homeowners in Kosovo will be able to invest in domestic energy efficiency improvements thanks to a new €5 million credit line the European Bank for Reconstruction and Development (EBRD) is extending to Raiffeisen Bank Kosovo.
Raiffeisen Bank will lend the funds to privately owned households for investment in energy efficiency measures, such as insulation, windows, heat pumps and solar panels. Upon successful completion of the projects, borrowers will be eligible for up to 20 per cent cashback.
The financing is part of a larger €135 million Green Economy Financing Facility (GEFF) programme for the Western Balkans, which supports energy-efficient solutions to build a greener and sustainable economy. The programme is co-financed by the European Union, the Western Balkans Investment Framework and the Austrian Federal Ministry of Finance.
To date, more than 1,000 households in Kosovo have already made energy efficiency improvements to their homes using GEFF loans.
Neil Taylor, EBRD Head of Kosovo, said: “Kosovo simply cannot afford to miss the possibility of a green recovery from the crisis. I am proud we are now partnering with Raiffeisen to help people here improve their homes and save bills. With the support of our European donors, our goal is to spur a building renovation wave across the country and tackle the blight of poor air quality and pollution.”
Robert Wright, the CEO of Raiffeisen Bank Kosovo, added: “Raiffeisen Bank Kosovo is delighted to have a partnership with EBRD for the launch of a 5 million euros credit line for energy efficient improvements to our customers’ homes. This initiative is part of the Bank’s broader commitment to responsible banking for a sustainable future after Raiffeisen Bank International became the first Austrian bank to commit to the UN principles for responsible banking earlier this year.”
The GEFF is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans, funded by the EU and delivered in partnership with the Energy Community Secretariat.
To date, more than 8,000 households in the Western Balkans have improved their energy efficiency through the GEFF programme, with investments in projects that contributed to a reduction of nearly than 12,000 tonnes of CO2 emissions per year, equivalent to removing 7,270 cars from the street.
Since the beginning of its operations in Kosovo in 2012, the EBRD has invested €531 million through 78 projects in the country.