London-based bank boosts support for efficiency in Belarus

A London-based bank has stepped up its support for energy efficient investments in Belarus (pictured) – providing its third loan to the country. The latest funding worth €10 million (£8.4m) […]

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By Priyanka Shrestha

A London-based bank has stepped up its support for energy efficient investments in Belarus (pictured) – providing its third loan to the country.

The latest funding worth €10 million (£8.4m) was awarded to Bank BeIEVEB OJSC for on-lending to private companies investing in sustainable and energy-saving projects. It is part of the €50 million (£42m) Belarus Sustainable Energy Financing Facility (BelSEFF) which was launched in the capital city of Minsk earlier this year.

Businesses will also be able to benefit from free technical support funded by the Czech Republic which will help them choose and carry out their energy efficiency projects.

Energy usage in Belarus is two and a half times higher than the EU average and imports account for 80% of the consumption, according to the European Bank for Reconstruction and Development (EBRD).

Francis Delaey, Head of EBRD’s Resident Office in Belarus said the bank is “happy to help roll-out” of energy efficiency investments across the Eastern European nation.

The EBRD launched its Sustainable Energy Initiative in 2006 and has since invested over €11 billion (£9.3bn) in more than 600 projects across all of its countries of operations.

An energy efficiency project in Belarus was also awarded a $90 million (£57.5m) loan by the World Bank earlier this year.