By EBRD Press Office
Owners of residential buildings in Albania will benefit from more finance to be invested in energy efficiency measures thanks to a €5 million(US$5.43million) loan by the EBRD to Banka OTP Albania for on-lending to borrowers with green investment plans for their homes.
Investments will cut energy bills and reduce CO2 emissions. The funds are part of the EBRD’s Green Economy Financing Facility (GEFF) in Albania. The programme supports investments in high-performance energy efficiency technologies, materials and other solutions introduced by private owners of residential buildings.
Home owners can select the technologies in which they wish to invest, through the Technology Selector, an online catalogue of pre-approved energy-efficient equipment available on the Albanian market. The catalogue includes items such as double-glazed windows, high-efficiency boilers and photovoltaic systems. Alternatively, potential borrowers can apply for a free-of-charge assessment of individual investment proposals.
The support for the preparation and implementation of the projects is funded by Austria. Successful projects are eligible for a cash-back payment of up to 20 per cent of the investment value. This incentive is funded by the European Union (EU) which provided a total of €1 million in grants.
The loan was signed today, during the EBRD’s Western Balkans Investment Summit by the EBRD Director of Financial Institutions for the Western Balkans, Henry Russell; and CEO of OTP Albania, Bledar Shella. Albania was represented at the summit by Prime Minister Edi Rama.
GEFF in Albania is part of the EBRD’s €85 million Western Balkans Green Economy Financing Facility. The programme is a joint initiative of the EU, the Austrian Federal Ministry of Finance and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF). It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus), funded by the EU and implemented in partnership with the Energy Community Secretariat.
The EBRD is a pioneer of financing projects that promote investment in renewable energy in order to combat climate change. To date, the EBRD has signed €30 billion in green investments, financed over 1,600 green projects and reduced global carbon emissions by over 100 million tonnes. The EBRD’s Green Economy Transition approach is aligned with the Sustainable Development Goals and the Paris Agreement, and is delivered through the EBRD’s business model and its sector and country strategies.
The EBRD is a leading international investor in Albania. To date, the Bank has invested €1.4 billion through 96 projects in the country.