The managerial powers of the Energy Efficiency Fund (EEF) will be taken over by the Fund’s executive bodies – the Investment Committee and the Administration Board. A decision to this effect was approved by the Cabinet on July 4, IPN reports.

Minister of Economy and Infrastructure Kiril Gaburici, when presenting the decision, said these amendments and supplements to the regulations make the blocking of the Fund’s activity owing to the possibility of choosing a manager, as now, impossible. The new provisions are designed to improve the process of selecting and financing energy efficiency projects and of using renewable sources of energy.

The Fund’s waiting list now includes 46 projects proposals that were accepted for financing by the Administration Board, with a budget of 148 million lei. Their continuation and implementation is contingent on the operationalization of the EEF.

The approved project envisions the extension of the investment recovery period from 7 to 11 years. According to the authorities, this will contribute to increasing the number of energy efficiency porjects financed by the EEF.