Energy efficiency in the Western Balkans is to get a €30 million (£25.54m) boost.
The European Bank for Reconstruction and Development (EBRD) and the EU are stepping up their joint efforts to implement the next phase of the Regional Energy Efficiency Programme (REEP).
It aims to maximise the energy efficiency and renewable power potential of the ‘Western Balkans Six’.
These countries are Albania, Bosnia and Herzegovina, Macedonia, Kosovo, Montenegro and Serbia.
The programme will offer medium to long-term financing and tailor-made support for key policies to boost green investments in both private and public sectors.
Part of the next phase will include establishing the first dedicated regional residential sector credit line facility to help unlock the untapped energy efficiency potential of buildings in the region.
Anca Ioana Ionescu, Head of the EBRD in Skopje, said: “Energy efficiency projects typically entail significant up-front spending, subsequently recovered through energy savings achieved over a long period, particularly in the construction sector.
“Availability of long-term financing to financial intermediaries who appreciate the economics of energy efficiency investments is therefore necessary to support the sector.”
The programme will also receive €1.8 million (£1.53m) from other donors and €2.7 million (£2.3m) from the government of Austria.