European Bank for Reconstruction and Development and Fondi Besa sign the agreement of 3 Million Euros for Green Loans
The European Bank for Reconstruction and Development and Fondi Besa has inaugurated on March 12, 2019 the Green Energy Efficiency Fund (GEFF) that will support investments in the residential sector in Albania.
The agreement between EBRD and FONDI BESA aims at promoting investments in the green energy in houses in Albania through the funding of 3 million Euros for a 3 year term.
These investments will aim at improving power efficiency, generating power saving, improving living conditions and reducing environmental pollution.
The EBRD has created GEFF Program to support individuals and businesses that will invest in projects with positive impact on the environment. The GEFF in Albania is part of a roughly 85 million Euros of EBRD Green Economy Funding Program for Western Balkans. The program is a joint initiative of the European Union and Austrian Federal Ministry of Finance along with participant countries in the Western Balkans Investment Framework (WBIF).
“The Green Loan – GEFF” will be focused on individuals who aim to carry out investments in their houses focused on efficiency and power saving.
What is particular for this program after the house owners have carried out these investments, is to provide them with opportunities to apply for an EU grant 15% – 20% of the value of their investment.
The Fondi Besa has been part of similar projects focused on power efficiency and I think we own the necessary experience and expertise as well as a professional staff in order to realize this project at the best.
We hope that this initiative will serve as an incentive for decision makers in order to think actively and to increase investments in the renewable energy sector that has a significant impact on a cleaner environment.
The implementation of this project by Fondi Besa will simultaneously serve to well-designed similar loan products in the future with the focus to power efficiency.
The launch of the “Green Loan – GEFF” will have a dual impact both for the institution and the beneficiary, as well as will respond directly to the greater attention on national scale and beyond as to environmental protection, affecting the improvement of the quality of the lives of citizens.
As leader in microfinance sector in Albania, we deem that this experience will serve as orientation for other microfinance institutions in order to diversify their activity in this sector as well.
The Fondi Besa has a long experience of cooperation with EBRD and we are fully convinced that this project will also be successful.
Attending the launch event in Tirana were the stakeholders of GEEF Program, including Mr. Matteo Colangeli, Director of EBRD in Albania, Mr. Luigi Soreca, Ambassador of EU in Albania, Mr. Erion Luci Deputy Minister of Finance and Economy, Mr. Erion Veliaj, Mayor of Tirana, Mr. Leander Treppel, Member of EBRD Board for Austria, Mr. Bajram Muçaj , Executive Director of Fondi Besa, other donors, representatives of local government, partner financial institutions, producers and distributors of green technology for residential sector.