The financial company Prime Capital, in cooperation with USAID and the Embassy of Sweden, announced the launch of a credit line with more favorable conditions that the lines existing on the market, for implementing energy efficient technology. The institutions signed an agreement of assistance in providing loans to the value of US$3.5 million for a 15-year period, IPN reports.
Prime Capital director general Carmina Vicol said the accord allows lending to both private individuals and small and medium-sized companies for which the implementation of energy efficient technology became a priority. Owing to this project, the financial resources will be more accessible to those who want to save by using energy efficient technology in their homes and diminishing losses of heat so that the bills are lower. The financial resources will be more accessible to active entrepreneurs who want an economical activity by switching over to more efficient sources of energy from economic viewpoint or by implementing new technology with impact on energy efficiency and the environment.
Within the project, loans of up to US$7,000 will be provided without security. The loans are repayable in three years at an interest rate of 16%. There will be also offered loans of US$7,000 to US$50,000 with realty security, repayable in ten years at an interest rate of 9.5%.
Swedish Ambassador to Moldova Ingrid Tersman said the embassy signed this accord in order to promote the efficient energy use in households and small businesses, especially in rural areas, and to encourage the financial market of Moldova to invest in increasing energy efficiency. “We want to help Moldova reduce energy consumption and become a more energy efficient country,” he stated.
USAID Administrator Rajiv Shah said the project offers new possibilities to ordinary people and small and medium-sized businesses. “Combining the funds and efforts, we achieve our common goal. By this project, we encourage the households and small companies to make use of such energy efficiency instruments and to save up to 50% on energy bills,” he stated.
Deputy Minister of Economy Tudor Copaci said that Moldova imports over 95% of the energy resources and its energy intensity is three-four times higher than the European average.
Prime Capital is a financial, nonbank company with foreign capital that provides mortgage loans.
