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New financing facility will support investments in green technologies in cooperation with local banks
The EBRD has officially announced the start of a new Green Economy Financing Facility (GEFF) in Serbia that will provide loans to households for energy efficiency improvements. Incentives and technical cooperation in support of green technology investments will be provided by the European Union (EU), the Austrian Federal Ministry of Finance and the European Western Balkans Joint Fund (EWBJF) under the Western Balkans Investment Framework (WBIF).
An event in Belgrade, opened today by Zsuzsanna Hagritai, EBRD Regional head of Western Balkans, brought together GEFF stakeholders including Aleksandar Antić, Minister of Mining and Energy, Government of the Republic of Serbia, Sem Fabrizi, Ambassador and Head of Delegation of the European Union, Leander Treppel, Board Director for Austria, EBRD and Violeta Kogalniceanu, Head of Infrastructure and Energy Efficiency Unit, Energy Community Secretariat, donors, local state officials, local partner financial institutions, suppliers and producers of green technologies for the residential sector to mark the successful start of the new programme.
UniCredit and Erste Bank have signed up as the first two local partner financial institutions, with credit lines of Din 600 million (equivalent to €5.1 million) each for on-lending to homeowners. Serbian residents will be able to take out loans from these partner financial institutions specifically for green technology solutions for their homes such as new double-glazed windows, high-efficiency boilers or thermal insulation.
Families investing in energy-efficient technologies will be eligible to apply for an EU grant of up to 20 per cent of their investment. Vendors and producers of energy-efficient solutions for the residential sector can also access financing under the GEFF programme. In addition, the programme will provide technical assistance, such as energy audits for the renovation of apartment buildings.
This financing comes as part of a larger €85 million GEFF programme for the Western Balkans and is implemented under the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus). The programme is a joint initiative of the EU, bilateral donors and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF). REEP Plus is implemented by the EBRD in close collaboration with the Energy Community Secretariat. In total, the REEP Plus programme will benefit from €135 million for investments in the residential sector, supported by €30 million in EU funding and €1.8 million from the European Western Balkans Joint Fund, as well as €3.3 million provided by the Austrian Federal Ministry of Finance. The programme also provides policy support for harmonising the country’s regulations on energy efficiency performance in buildings with the relevant European Directives.
For more information, see https://ebrdgeff.com/serbia