EBRD contributes to energy efficiency in Moldova

The European Bank for Reconstruction and Development (EBRD) on Thursday launched the Moldovan Sustainable Energy Financing Facility (MoSEFF), a credit line of €20 million dedicated to energy efficiency and small renewable energy projects in industries, SMEs, agribusiness and commercial services, Info-Prim Neo reports. The loans will be offered through local banks selected by EBRD. These sub loans will vary in size from €25,000 to a maximum of €2 million. Depending on progress, sub-borrowers will be reimbursed by up to 20 per cent of the projects’ costs. In addition they will benefit from free technical assistance in assessing energy saving potential and project implementation. Additional €10 million in grant financing from the EU will be made available for this purpose. Ian Smith from the EBRD says Moldova is the fourteenth country to benefit from such a facility. “The launch comes at an opportune time for Moldova, when energy prices rose significantly, and even if the companies acknowledge the need to save on these resources, they don't have the money to change the technology”. Deputy Economy Minister Ilarion Popa says companies in Moldova use up to three times more energy for production than the companies in the EU and the EBRD's facility comes in perfect agreement with the government's intention to enhance the competitiveness of the Moldovan economy and modernize it.