The citizens of Moldova will benefit from new green technology thanks to a €5 million loan provided by the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) to Moldova Agroindbank SA (MAIB) under the EBRD’s Green Economy Financing Facility (GEFF), IPN reports, quoting a press release of the EBRD.

The loan combines €3.75 million of EBRD finance and €1.25 million of GCF concessional co-finance. The financing for MAIB is the first loan to be made available under the GEFF in Moldova and is expected to facilitate the country’s transition to a more sustainable, low-carbon and climate-resilient economy.

The loan will be used for on-lending to individuals, small and medium-sized enterprises (SMEs) and corporates for investments in climate change mitigation and adaptation technologies and services, such as thermal insulation for buildings, energy-efficient glazing, LED lighting, heat pumps, photovoltaic generation and energy storage systems, electric vehicles as well as drip irrigation lines, conservation agriculture machinery and rainwater harvesting equipment.

Last month, the EBRD and the European Union provided a €17.5 million loan to MAIB to help companies invest in modern production equipment and technologies to meet EU standards in terms of product quality, health and safety measures and environmental preservation.

The EBRD is one of the largest institutional investors in Moldova. To date, it has invested around €1.4 billion in more than 135 projects in the country to support private businesses, key infrastructure and to build a greener and more sustainable economy.