EBRD Loan for Bulgaria's Residential Sector Energy Efficiency

Business » FINANCE | April 21, 2012, Saturday // 11:47
Bulgaria: EBRD Loan for Bulgaria's Residential Sector Energy Efficiency Since the beginning of the EBRD's operations in Bulgaria, the Bank has invested over EUR 2.5 B in various sectors of the country's economy. Photo by EBRD

The European Bank for Reconstruction and Development (EBRD) said it has provided a EUR 5 M loan to DSK Bank to support energy efficiency improvements in Bulgaria's residential sector.

The loan is part of EBRD's Residential Energy Efficiency Credit Line (REECL) Framework aimed at addressing energy wastage in Bulgaria's residential sector.

DSK Bank, wholly-owned by the Hungarian OTP Bank and the second largest bank in Bulgaria, will use the EBRD loan for on-lending to individuals and associations of apartment owners.

It can 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.

According to EBRD the project will improve the energy efficiency of Bulgaria's residential sector, helping households to save energy and reduce their bills

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.

In 2011 the framework was extended by an additional EUR 40 M.

Since the beginning of the EBRD's operations in Bulgaria, the Bank has invested over EUR 2.5 B in various sectors of the country's economy.

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Tags: REECL, Residential Energy Efficiency Credit Line, DSK Bank, European Bank for Reconstruction and Development, EBRD, Bulgaria
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