FZO BiH praised for energy efficiency revolving fund

The Environmental Fund of the Federation of Bosnia and Herzegovina (FZO BiH) said was recognized by relevant experts in Berlin for being the first in the region to launch a revolving fund to finance energy efficiency projects. The institution participated in the Green Energy Summer School organized by the United Nations Development Programme.

The move aims to encourage industry and private capital, said Fuad Čibukčić, head of the fund. He stressed the step is extremely important because 31% of the obligations towards accession to the European Union is related to energy efficiency and environmental protection, and that it will contribute to investments in the area of energy efficiency and renewable energy.

The public competition for the allocation of funds from the revolving fund for financing energy efficiency projects is still open. Funds are granted with the grace period up to a maximum of 12 months and fixed interest rate of 2% per year, and the deadline of the loan is up to seven years, including a grace period, FZO BiH said.