The United Nations Development Program in Moldova and the European Investment Bank confirmed their readiness to financially support energy efficiency projects in the public and residential sectors, IPN reports.

In a meeting of Deputy Minister of Economy Vitalie Iurcu and representatives of UNDP and EIB in Moldova, the interlocutors exchanged information about the progress made in thinking up and implementing the project “Unlocking Building Energy Efficiency Retrofit Market in Moldova”.

In this connection, the deputy minister said there are a number of barriers hampering the investment in energy efficiency measures in the public and private sectors. These are related to the high cost of financial resources, lack of an appropriate legal framework that would govern the activity of dwellers associations, administrative barriers, etc.

Dafina Gercheva, UN Resident Coordinator and UNDP Resident Representative in the Republic of Moldova, said the UNDP, as an agency accredited to the Green Climate Fund, will submit the proposal to finance the given project to the Fund in June and will shortly obtain a position of principle on the opportunity of implementing such an initiative in the Republic of Moldova and of subsequently developing all the operational and administrative mechanisms and commitments.

The project “Unlocking Building Energy Efficiency Retrofit Market in Moldova” aims to unblock the financing for buildings in the public and residential sectors by creating a comfortable legal framework and a favorable investment climate and to attract additional financial resources from such global initiatives as the Green Climate Fund. The budget is to total about €86 million.