A London based bank has provided loans worth €10 million (£8 million) to a Moldovan bank to help households and businesses cut their energy bills.
The loans from the European Bank for Reconstruction and Development are expected to help Moldova-Agroindbank provide long-term funding to industrial and residential clients implement energy saving projects under the country’s energy efficiency schemes.
Henry Russell, Director for Financial Institutions at the European Bank for Reconstruction and Development (EBRD) said: “By providing Moldova-Agroindbank with two credit lines the EBRD is helping citizens, families, housing associations and businesses in Moldova to invest in energy efficiency projects. In challenging economic times, when energy prices are rising and people and private companies are struggling to pay their bills, energy efficient solutions are becoming more attractive and with EBRD funding, more accessible.”
The EBRD which has the EU as one of its major shareholders, will also provide technical assistance funded by the European Union and Sweden to help the bank further build up its expertise in financing energy efficiency investments.
Moldova is one of the most carbon intensive countries in Europe and relies heavily on imports for its energy needs.