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ProCredit Bank, Moldova to receive $5m European Bank energy efficiency lending

CTBR Staff Writer Published 25 December 2012

Maldivian ProCredit Bank will receive a $4m funding from the European Bank for Reconstruction and Development to finance energy efficiency projects in the country.

Residential customers in Moldova will receive support from the Bank to help them develop household infrastructure for the efficient use of energy.

Consumers, under the facility, can acquire and install more efficient equipment, appliances and materials, such as double-glazed windows, insulation, gas boilers, solar water heaters and rooftop solar panels, and to reduce their energy bills and make their homes more cost efficient.

EBRD funding will be part of the €35 Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) with any Moldovan house owner or association of home owners, energy service company (ESCO), developer or facility management company entitled to receive a maximum grant of 35% of the loan amount towards energy saving costs.

Commenting on the funding EBRD director of financial institutions Henry Russell remarked that financing energy efficient projects is a priority area for the agency.

"Luckily, we have a number of strong and committed local partner banks, such as ProCredit Bank, which we trust will allow for the successful implementation of the project, leading to much lower energy bills for the population," said Russell, commending ProCredit Bank's role.