- €3 million credit line for residential energy efficiency investments
- Borrowers to receive up to 20 per cent cashback on successful investments
- Credit line co-financed by the EU, Austria and the Western Balkans Investment Framework
The European Bank for Reconstruction and Development (EBRD) is stepping up efforts to improve energy efficiency in Albania with a €3 million credit line to ProCredit Bank. The funds will be on-lent to households for investments in energy-saving solutions.
Bank clients will be able to apply for financing to invest in energy home improvements, such as wall or roof insulation, new windows, solar panels, heat pumps or cleaner and more efficient boilers – with the aim of achieving energy savings.
On successful completion of the investments, households will receive an incentive grant worth up to 20 per cent of the loan amount, funded by the European Union (EU), which makes these investments more affordable. In addition, households will benefit from reduced energy bills and more comfort in their homes.
The credit line is part of the Western Balkans Green Economy Financing Facility (GEFF), which promotes energy efficiency improvements in the residential sector, and is co-financed by the European Union (EU), Austria and bilateral donors of the Western Balkans Investment Framework (WBIF).
Ekaterina Solovova, the EBRD’s Head of Albania, said: “Reducing energy consumption and costs by making residential buildings more energy efficient is now even more urgent than ever. Energy-saving measures will help to reduce CO2 emissions and will give homeowners more comfort and lower electricity and heating bills.”
“Promoting environmental awareness and protection, and helping to mitigate climate
change, has always been on our strategic focus. GEFF reinforces our ecological approach for sustainable future. We are committed to support our clients who are willing to realise investments in green technologies and encourage them to benefit from the favourable conditions offered by this facility”- explains the Management of ProCredit Bank Albania.
To date, the GEFF has helped more than 9,000 households in the region to improve the energy efficiency of their homes.
The EBRD is a leading institutional investor in Albania, focusing on the sustainable development of the private sector, building on the strong entrepreneurial spirit in the economy, enhancing the commercialisation of infrastructure projects, and promoting sustainable energy and environmentally sound investments. To date, the Bank has invested more than €1.8 billion in 125 projects across the country.