This document aims to inform about the rules for grant payments to Sub-borrowers of the Green Economy Financing Facility (GEFF).
By using a GEFF loan and/or by applying for an investment incentive you confirm you have read these Terms and Conditions, accept them in full, and declare yourself to be legally bound to them.
Dwelling: privately owned house or apartment
EBRD: European Bank for Reconstruction and Development; EBRD is the owner of GEFF and the Verification Management System (VMS)
EU: European Union
GEFF: Green Economy Financing Facility
PFI: Participating Financial Institution
FC: Facility Consultant (The Facility Consultant administers the GEFF Program on behalf of EBRD)
Sub-borrower: Individual who applies for a loan and grant under the GEFF Program
Sub-project: the energy efficiency measure or measures that the Sub-borrower wants to implement under the GEFF Program
Sub-loan: Loan approved by the PFI under the Facility to finance a Sub-project
Technology Selector: Western Balkan Technology Selector (TS). An online database that lists pre-approved eligible technologies. The TS was developed by the EBRD and is maintained by the Facility Consultant.
VMS: Verification Management System (an online tool through which the Sub-borrower unloads the documents required for the verification)
Individuals: private individuals or groups of individuals recognized under the national laws with access to the building in respect of which they intend to perform a Sub-project.
Housing Associations: a housing association, or other equivalent body, in each case, which represents the interests of residents registered under the national laws intending to perform a Sub-project.
Construction companies: any construction company which constructs eligible residential dwellings or buildings.
Public Sub-borrowers: a public entity if it meets the following requirements: municipalities; or it is formed under the national laws and operating primarily in country and majority-owned or controlled by a local government body, municipality, or by another political, governmental or administrative body, agency or sub-division thereof (including public utilities).
A Sub-project may be eligible if it:
A Sub-loan may not be made for the purpose of financing the following:
In addition, a Sub-loan may not be made for the purpose of financing:
GEFF loans are granted (originated) by Participating Financial Institutions (PFIs). The exclusive list of PFIs can be found on the national GEFF websites.
Loans granted by other banks are not qualified to be GEFF loans.
Sub-loans for eligible investments are undertaken in or in relation to:
(a) residential dwellings or buildings (“Residential Sector Sub-projects”). Only loans with the exclusive purpose to finance the purchase and correct installation of highly energy-efficient materials and equipment (as listed on the Technology Selector or has been determined as eligible by the Facility Consultant) qualified to be GEFF loans.
(b) public entities (“Public Sector Sub-projects”).
(c) residential dwelling or building (“Construction Companies Sub-projects”).
GEFF Sub-borrowers are entitled to receive a grant upon the full and correct completion and implementation of the energy efficiency and renewable energy project in line with the documentary evidence provided with the verification request.
All technologies/measures must contribute substantially to the overall savings of the Sub- project.
Proofs of Project Completion
Completion of each Sub-project must be supported with appropriate documentary evidence.
The following documents are required for a successful verification (please note that the required documents depend on the project type):
If the Sub-borrower fails to provide the requested documents or provides documents that are incorrect/unreliable or that do not correspond to the installation done on the Sub-project location, the Sub-project will be rejected.
In order to receive an investment incentive (grant), the Sub-borrower has to explicitly apply for it by submitting a verification request. The online Verification Management System (VMS) which is available via the local GEFF website should be used by individual Sub-borrowers for the submission of the verification request.
Grant Verification Process
Grant verification process is done by the Facility Consultant upon submission of completed verification request in the VMS. Each verification request is subject to either on-site or desk-based verification.
In the absence of error or fraud, the Facility Consultant’s decision regarding the successful implementation and completion (or otherwise) of any Sub-project shall be final and binding on the PFI and the Sub-borrower.
Restrictions on investment incentives
No investment incentive shall be payable to the Sub-borrowers in respect of any of the following:
In addition, the following list of situations will lead to the rejection of the grant payment:
The calculation of the grant will be conducted by the Facility Consultant during the verification of the Sub-project. The exact amount of investment incentives payable to Sub-borrowers will be calculated upon submission of the Verification Request Form and all necessary documents.
Individual Sub-borrowers implementing an eligible Sub-project in their dwelling are eligible to receive an investment incentive payment/grant up to 20% of the lower of (A) the disbursed amount of the Sub-loan, and (B) the verified investment cost of the Sub-project.
Housing Associations and Service Providers and Individuals implementing a building level Sub-project for a building are eligible to receive an investment incentive payment/grant up to 35% of the lower of (A) the disbursed amount of the Sub-loan, and (B) the verified investment cost of the Sub-project.
Construction Company Sub-borrowers implementing an eligible Sub-project in the construction of new dwelling are eligible to receive an investment incentive payment up to 10% of the lower of (A) the disbursed amount of the Sub-loan, and (B) the verified investment cost of the Sub-project.
Public Entities Sub-borrowers implementing an eligible Sub-project are eligible to receive an investment incentive payment up to 15% of the lower of (A) the disbursed amount of the Sub-loan, and (B) the verified investment cost of the Sub-project.
For more information on the grant percentage, visit the website of the Partner Financial Institutions (PFI).
The calculation of the grant amount is conducted in 2 steps:
Step 1: calculation of the verified eligible investment costs based on the documentary evidence and/or an on-site visit;
Step 2: calculation of the grant amount based on the verified eligible investment costs and the applicable grant percentage.
The result of the grant calculation process is the EUR equivalent of the grant to be paid to the Sub-borrower for successful completion of Sub-project.
Grants are paid to the Sub-borrower’s account at the PFI where the GEFF loan originated. The Sub-borrower is responsible for ensuring an account for grant disbursement.
Grant payments occur once a month. Grants approved by Facility Consultant as of the end of each month will be included in the payment to the PFI.
Any investment incentive paid to a Sub-borrower has to be repaid by the Sub-borrower in case of:
A grant appeal process can be initiated by the Sub-borrower in case of disagreement with either the amount of the approved grant or the rejection of a grant decided by the Facility Consultant.
Grant appeal should be directed at the Participating Financial Institution where the Sub-borrower applied for a Sub-loan.
The Sub-borrower can also appeal to the Facility Consultant. The grant appeal option is available for the Sub-borrower within 10 calendar days from the day the decision of Facility Consultant is communicated to the Sub-borrower. Within this period the Sub-borrower can send an electronic message stating her / his objection to the decision and providing a brief narrative explanation of why s/he does not agree with the decision. The Sub-borrower can also provide any calculations and/or documents s/he deems appropriate to support the objection.
The following email addresses are to be used:
Kosovo – firstname.lastname@example.org
Bosnia and Herzegovina – email@example.com
Albania – firstname.lastname@example.org
Serbia – email@example.com
North Macedonia – firstname.lastname@example.org
Montenegro – email@example.com
FC reviews the appeal from the Sub-borrower within 15 business days and produces a written response to the Sub-borrower.
In case the Sub-borrower is not satisfied with the result of the Facility Consultant’s review, s/he can send the appeal within 30 days to the European Bank for Reconstruction and Development (EBRD):
European Bank for Reconstruction and Development (EBRD)
Appeals can be submitted in the following languages: Local language or English.
All information received by the Facility Consultant from Participating Financial Institutions and from individual Sub-borrowers will be treated with all necessary caution to ensure confidential storage and processing and not to allow unauthorized access to personal, financial, and other sensitive data.
Following the provisions of the EU General Data Protection Regulation (“GDPR”) information is provided on which personal data the Facility Consultant may gather and for which purpose it may be processed during the visit and use of VMS.
The following Personal Data is collected:
ID number, name and surname, Personal Identification Number, contact phone number, contact email, residence address (country, city and street nr), account number, the address where the project was implemented and other information that may be part of mentioned documents relating to the purpose of the investment.
Invoices, technical documentation of the purchased product, photographs of the implemented project, as well as business reports all containing information about personal and financial data, as well as data relating to purchased products.
Financial data refers to the signed Sub-loan amount, Sub-loan signing date, Sub-loan disbursement date, Sub-loan disbursed, total investment costs and internal Sub-loan ID.
All other documents, information and data that may be reasonably requested.
Personal Data is used for the purpose of processing the application for a grant payment and in the event of follow-up questions, we process the personal data obtained for this purpose for the fulfilment of contractual obligations, or more specifically on the basis of legitimate interests.
Personal Data collected through the use of VMS will not be shared with third parties, except the European Bank for Reconstruction and Development (EBRD), and/or unless it is required for the fulfilment of processing the application for grant payment, and/or required by the Green Economy Finance Facility and/or required to comply with mandatory laws/authority requests.
Personal Data is stored for as long as needed for the fulfilment of the abovementioned purposes and legal obligations.
The Sub-borrower has the right to access the personal data concerning him/her that is being processed. Additionally, the Sub-borrower has the right to rectification of inaccurate data and to erase data (“right to be forgotten”) if appropriate. Further, the Sub-borrower can withdraw consent declarations at any time without stating a reason in order to hinder further processing of personal data that has been collected and used based on a consent declaration. The Sub-borrower can furthermore be entitled to the right to restriction of processing of personal data as well as the right to receive the personal data concerning him/her in a structured, commonly used and machine-readable format (“data portability”).
Apart from that the Sub-borrower has the right to lodge a complaint with the responsible supervisory authority.
The Sub-borrower acknowledges that he/she does not have any legal claim to receiving grant payment(s). The usage of VMS does not constitute a contract between the Sub-borrower and EBRD, the Facility Consultant or any other third party.
The Sub-borrower does not have any legal claim to access, usage and/or functionality of VMS. Access to and use of VMS may be impaired by unforeseeable and/or exceptional circumstances or technical maintenance and may be refused or terminated at any time without reason. The Sub-borrower must respect and comply with the applicable laws when using VMS. The Sub-borrower acknowledges that misuse of VMS may have legal consequences and may be prosecuted.
EBRD or the Facility Consultant shall not be liable for the functionality of VMS and/or for the completeness and accuracy of data made available by the applicant on VMS. EBRD or the Facility Consultant shall not be liable for any disadvantages and/or damages incurred by the Sub-borrower as a result of incorrect, incomplete, erroneously or belatedly (uploaded) data or documents.
In the case of any inconsistency between the English version and the translation in local language, the English version shall prevail.