Approximately 170 beneficiaries from among home owners associations, housing stock management companies and dwellers obtained loans within the Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) that is funded by the EBRD. The data were presented in an event focusing on energy efficiency in Moldova, organized by the EBRD, IPN reports.

The EBRD financing comes under the dedicated €35 million framework - the MoREEFF. Four banks have joined the framework, which was launched in October 2012.

“Energy bills represent an enormous burden for Moldovans, particularly in winter. At the same time heat losses are just as big. The EBRD financing aims to help Moldovans refurbish their homes, keep them warm and reduce their energy bills,” said Julia Otto, Head of the EBRD's Chisinau Office.

Deputy Prime Minister and Minister of Economy Valeriu Lazar said the increase in energy efficiency is an important objective given that Moldova imports 90% of the energy resources. “The dwellers should associate and propose viable energy efficiency projects to the banks,” he stated.

Those who take a loan under MoREEFF are entitled to receive a grant of between 20 per cent and 35 per cent of the loan amount towards the cost of the energy-saving project, once it has been completed in line with MoREEFF's terms and conditions.

“The home owners associations do not yet hurry to present projects and take out loans. This is a matter of mentality that will be soon overcome,” said Mayor of Chisinau Dorin Chirtoaca. According to him, the contribution of 30% of the project’s value is a problem, but solutions are being looked for.

The EBRD, one of the largest investors in Moldova, has to date signed 99 investment projects in the country, covering the energy, transport, agribusiness, general industry and banking sectors, for a cumulative investment of €747 million.