The European Bank for Reconstruction and Development (EBRD) said it is providing a EUR 10 million loan complemented by technical assistance to Piraeus Bank Bulgaria (PBB).
The loan is provided under the new extension of the Residential Energy Efficiency Credit Line (REECL), a framework established by the EBRD in 2005. As the partnership continues, PBB will use the funds to finance energy efficiency investments in privately owned residential buildings in Bulgaria.
The Kozloduy International Decommissioning Support Fund (KIDSF) is supporting the programme by financing technical assistance and investment incentives for end-users. The investment aligns with the EBRD’s strategic Sustainable Resource Initiative, which calls for the development of sustainable energy financing and the promotion of energy efficiency improvements.
“Over the last 10 years a significant volume of EBRD commercial funding, coupled with technical assistance and grants, has reached small and medium-sized enterprises (SMEs) and the wider population through the financial sector. This has helped to build the market for sustainable energy and encourage energy-saving habits among consumers,” said Larisa Manastirli, the international financing institution’s country manager.
“Piraeus Bank Bulgaria and the EBRD have a long-term partnership in programmes that support energy efficiency and sustainable development. Our recent years of cooperation have confirmed our support and educational efforts, not only for businesses, but also for individuals so they can reduce their main residential expense, namely the cost of their energy consumption,” stated Emil Angelov, deputy chief executive of PBB.
Bulgaria’s economy continues to have the highest energy intensity in the European Union, according to the report published by the EBRD. Although the household sector’s share of overall energy consumption is in line with the EU average, a significant share of buildings in Bulgaria is not heated to optimal temperatures. PBB, part of Piraeus Bank SA of Greece, provides corporate, retail and investment banking services. EBRD said it invested over EUR 3.3 billion in more than 220 projects in the country.