The European Bank for Reconstruction and Development (EBRD) will give a €6 million loan to the Union Bank Albania to boost energy efficiency, the EBRD announced Wednesday.
According to the announcement, the new financing for Albania is provided under the EBRD’s €85 million Western Balkans Green Economy Financing Facility (GEFF).
'The program is a joint initiative of the European Union (EU), bilateral donors and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF) and is implemented in partnership with the Secretariat of the Energy Community,' the Bank stated.
The program is expected to support investments in residential green technology projects while Albania's private residential and building sector will benefit from wider access to finance.
In addition, the Austrian Federal Ministry of Finance will provide incentives and technical cooperation in support of green technology investments.
The EBRD’s support for green energy investments underscores its commitment to the goals of the 2015 Paris Agreement.
'As its contribution to these goals, the EBRD aims to devote 40 percent of its annual investments of over €9 billion to climate finance. It is well on the way to meeting this target,' the statement read.
The EBRD was founded in 1991 to further progress towards ‘market-oriented economies and the promotion of private and entrepreneurial initiative’. It is owned by 67 countries from five continents, as well as the European Union and the European Investment Bank.
To date, the EBRD has invested €1.023 billion in some 82 projects in Albania.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr