The Administrative Council of the Council of Europe Development Bank (CEB) has approved a credit line in the amount of EUR 150 million for Bulgarian Development Bank (BDB). The funds will be used for special purpose financing under the National Programme for Energy Efficiency of Multi-family Residential Buildings in the amount of up to BGN 1 billion (EUR 510 million).
The contract is the first step in the process of providing low-interest financial resources for the implementation of the programme for renovation through a guarantee issued by the state, BDB said.
National Programme for Energy Efficiency was adopted by Bulgaria’s government on January 27. It foresees grants for owners of private residential buildings with no less than 36 apartments built under an industrial method. The programme will help reduce household energy bills and will extend the life cycle of buildings, the press release said.