EBRD lending 2 mln euro Kosovo's KRK for green investments
The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing a 2 million euro ($2.4 million) loan to Kosovo's microfinance institution Kreditimi Rural i Kosoves (KRK) for residential energy efficiency investments.
The loan will be used for on-lending to homeowners and service providers for investments in improvement of energy efficiency in residential buildings, such as insulation, windows, heat pumps and solar panels, the EBRD said in a statement.
Borrowers will also be eligible for up to 20% cashback on successful installation, financed by the European Union (EU) and other donors through the Western Balkans Investment Framework (WBIF). Austria's finance ministry will also provide additional funds for technical assistance.
The financing is provided under the EBRD’s Green Economy Financing Facility (GEFF) for the Western Balkans.
GEFF is a 135 million euro programme co-financed by the EU, the WBIF and the Austrian Federal Ministry of Finance. It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus), funded by the EU and delivered in partnership with the Energy Community Secretariat.
To date, around 1,000 households in Kosovo have benefited from GEFF, reducing CO2 emissions by over 3,100 tonnes per year.
KRK is a microfinance institution focusing on rural areas of Kosovo. The EBRD provided a 2 million euro credit line to KRK in 2017.