A Moldovan bank is getting a €5 million (£4m) loan to help people borrow money to put energy saving measures into their homes.
The European Bank of Regional Development (EBRD) loan will give long-term funding to private homes and household associations through Moldindconbank, the third largest commercial bank in Moldova.
Moldova relies heavily on expensive imported energy, according to the EBRD, while it has a high rate of energy loss because of old and inefficient household appliances. Coupled with the “obsolete condition” of its energy infrastructure this makes Moldova one the most carbon intense countries in Europe, said the Bank.
Henry Russell, EBRD FI Director for Western Balkans, Belarus and Moldova said: “Reducing the energy intensity of economies is one of the EBRD’s key priorities and we are pleased to build on our successful cooperation with Moldindconbank to help people in Moldova cut their energy costs, especially during such challenging economic times.”
So far the EBRD has spent nearly €700 million (£560m) on around 90 investment projects in the country, covering energy, transport, agribusiness, general industry and banking sectors.