The EBRD is continuing to support energy efficiency improvements in Bulgaria’s residential sector with a €5 million loan to DSK Bank for on-lending to individuals and associations of apartment owners.
Wholly-owned by the Hungarian OTP Bank, DSK Bank is the second largest bank in Bulgaria. The EBRD loan is part of the Bank’s Residential Energy Efficiency Credit Line (REECL) Framework aimed at addressing energy wastage in Bulgaria’s residential sector.
DSK Bank will use the EBRD loan to finance sustainable energy investments undertaken by Bulgarian households, such as thermal insulation of walls, installation of energy efficient windows, boilers and central heating systems, among other modern energy saving techniques.
The project will improve the energy efficiency of Bulgaria’s residential sector, helping households to save energy and reduce their bills. It will also contribute to the implementation of the European Directive on energy performance of buildings in Bulgaria, thus helping the Bulgarian government meet targets on buildings energy efficiency.
REECL Framework was launched in 2005 to address energy wastage in Bulgaria’s residential sector and has financed around 30,000 small-scale residential energy efficiency projects in six years. Building on the success already achieved, in 2011 the framework was extended by an additional €40 million.
Since the beginning of the EBRD’s operations in Bulgaria, the Bank has invested over €2.5 billion in various sectors of the country’s economy, mobilising additional investment in excess of €5.7 billion.