PRISTINA (Kosovo), June 19 (SeeNews) – The World Bank said it approved a $31 million (22.8 million euro) loan for an energy efficiency and renewable energy project in Kosovo.
The project aims to reduce energy consumption and fossil fuel use in public buildings, the World Bank said in a statement posted on its website on Wednesday.
The World Bank is supporting Kosovo in implementing a comprehensive energy strategy, and enhancing the policy and regulatory environment for renewable energy and energy efficiency through this project.
“Kosovo has considerable potential to increase the efficiency of energy use and integrate renewable sources into its energy supply mix,” the lender's country manager for Kosovo, Jan-Peter Olters, said in the statement.
“This project will help to demonstrate the environmental benefits and economic viability of the country’s energy strategy, which seeks to secure a cleaner mix of energy in a sustainable and affordable manner,” he added.
A World Bank market assessment in Kosovo last year showed that the building sector accounts for 48% of final energy consumption, and has an energy efficiency potential of about 44%. Public buildings showed the highest savings potential at 38-47% in municipal buildings, and up to 49% in central government buildings.
Central and municipal governments in Kosovo, as well as the private sector, are expected to benefit from the project through reduced energy expenditures, a renovated building stock, and improved indoor comfort and functionality.
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