Translated version of this PSD: Bulgarian
The EBRD is considering to provide a EUR 5 million loan and technical cooperation to United Bulgarian Bank ("UBB") under the second extension of the Residential Energy Efficiency Credit Line Framework ("REECL 3"). Proceeds of the loan will be used for on-lending on market terms to individuals, associations of apartment owners and privately-owned service providers for financing of energy efficiency projects in the residential sector.
The REECL 3 loan to UBB aims at continuing the momentum gained by the REECL Framework to date and address the need for further energy efficiency improvements in the residential sector in Bulgaria.
REECL 3 will contribute to transition by: (i) demonstrating best-available-technology energy efficiency products and comprehensive refurbishment in the residential sector, expanding and enhancing competition in the market for such products and services; (ii) developing financial intermediation with housing associations and service provider companies; (iii) building capacity within participating financial institutions in the field of service provider companies financing and within service providers on the structuring of energy efficiency projects; and (iv) assisting Bulgaria in its efforts to decrease CO2 emissions.
UNITED BULGARIAN BANK AD
Established in 1992 through the merger of 22 Bulgarian regional commercial banks, United Bulgarian Bank is the first consolidation project in the Bulgarian banking sector. It was also the first large stateowned bank in the country to be privatised, back in 1997.
At present UBB is one of the largest banks in Bulgaria, providing universal banking services through its wide branch network of close to 200 units. It is part of the financial group of the National Bank of Greece, which has been successfully operating for more than 160 years.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised FI. UBB will be required to continue to comply with PRs 2, 4 and 9. In line with PR9, the bank will need to adhere to the EBRD's Environmental and Social Exclusion List. Eligible subprojects will be required to comply with the EBRD's energy and/or resource efficiency eligibility criteria. UBB will be required to submit annual environmental and social reports to the EBRD, including reporting on sub-projects.
UBB will benefit from the grant funding available under the REECL 3 framework, amounting to EUR 4.4 million in total and financed by the Kozloduy International Decommissioning Support Fund, to provide (i) investment incentive payments to sub-borrowers and (ii) a comprehensive technical cooperation package.
Company Contact Information
+359 2 8112480
+359 2 9880822
5 St. Sofia Str. Sofia 1040, Bulgaria
For business opportunities or procurement, contact the client company.
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Tel: +44 20 7338 7168
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