The European Bank for Reconstruction and Development (EBRD) has offered €15m in loan to Raiffeisenbank to improve energy efficiency in Bulgaria.
The loan, which has been offered under the Bulgarian Energy Efficiency for Competitive Industry Finance Facility (BEECIFF), will be used to meet the increasing demand of small and medium-sized enterprises (SMEs) for energy efficiency financing in the country.
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The funding will also boost the financing available for rational energy utilization and help in lowering energy costs and high energy intensity.
EBRD Bulgaria director Daniel Berg said that the bank’s partnership is built not only on commercial fundamentals but also its shared vision of strengthening local small businesses and improving energy efficiency.
"There continues to be strong demand for these innovative products which combine grants and loans to facilitate energy efficiency investments. However, we continue our dialogue with the Government to ensure incentives for investing in energy efficiency are strong," added Berg.
Since 2002, Raiffeisenbank has also participated in six EBRD credit lines for the Bulgarian business and retail sectors such as SMEs, sustainable energy financing under BEERECL, BEECIFF and the REECL frameworks.
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By GlobalDataEBRD has also provided financing to more than 200 projects in Bulgaria, which are accounted to be around €8.5bn.
The investment is aimed at bolstering sustainable growth in the country and investing in the modernisation of the country’s real economy and infrastructure.
