(ADPnews) - Jan 28, 2011 - The European Bank for Reconstruction and Development (EBRD) is providing a EUR 15 million (USD 21m) loan to UniCredit Bank Slovakia to finance efficiency and renewable power projects.
Extended under the bank’s Slovakia Sustainable Energy Finance Facility (SlovSEFF), the loan will be used for on-lending in the industrial and residential sectors. Sub-borrowers undertaking sustainable energy investments will be eligible for an investment grant of up to 15% of the amount of the loan, upon the completion of the works, the EBRD said on Tuesday.
SlovSEFF was launched in 2007, when the EBRD provided EUR 60 million via four local partner banks to encourage Slovak enterprises and housing associations to make better use of energy resources. Following the high demand for the funds, in 2010 the bank extended the facility by additional EUR 90 million.
To date the EBRD has financed over 350 sustainable energy projects in the residential and industrial sectors in Slovakia under the SLOVSEFF.
(EUR 1.0 = USD 1.37)