The European Bank for Reconstruction and Development (EBRD) has approved a EUR 2 million credit line extended to the Agency for Finance in Kosovo (AFK). Thanks to the lending, homeowners will be able to invest in household efficiencies such as insulation, energy-efficient windows, heat pumps and solar panels. Following the successful implementation of the measures, borrowers will be eligible for refunds of up to 20 percent of the total investments thanks to the funding from the European Union (EU).
The loan to AFK is provided under the Green Economy Financing Facility (GEFF), a programme supporting energy-efficient ways to create a greener and more sustainable economy. In the Western Balkans alone, the programme has a volume of EUR 135 million. The GEFF programme itself is supported by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance, and is part of the Regional Energy Efficiency Programme (REEP) for the Western Balkans.
To date, GEFF has provided more than EUR 7.7 million in loans for around 960 individual household projects, helping save over 9 GWh of energy and avoid more than 3,100 tons of CO2 emissions a year. Across the Western Balkans, GEFF has supported around 8,000 households to improve their energy efficiency, investing in projects that have contributed to cutting CO2 emissions by more than 11,000 tons per year, said EBRD.
Neil Taylor, EBRD Head of Kosovo, said: “Kosovo is one of the most energy-intensive countries in Europe. We are pleased to expand the GEFF programme here to help households improve their energy efficiency and reduce their bills. The facility will also support local jobs and boost the green recovery. Together with our partners the EU, Austria and WBIF we will continue to improve energy efficiency in the residential sector to reduce air pollution and greenhouse gas emissions.”
EBRD has invested EUR 528 million in Kosovo since its onset of operations. Its main strategic activities are promoting the green economy, supporting the competitive development of the private sector and boosting regional integration.
Photo Source: Emerging Europe