31 March 2009: The European Bank for Reconstruction and Development (EBRD) is intensifying its lending for energy efficiency and clean energy projects, and has recently established two new facilities worth €110 million to finance investments by enterprises in the Western Balkans in energy efficiency and renewable energy projects.

The Bank has also approved a €15 million loan to the United Bulgarian Bank to promote lending to private industrial companies in Bulgaria to finance energy efficiency and small renewable energy projects. It is also financing an independent Siberian energy firm’s gas flaring project, with a loan of up to €90 million to help Irkutsk Oil Company implement a plan to reduce gas flaring substantively at its East Siberian oilfields and to restructure its debt. [EBRD press release on Bulgarian loan] [EBRD press release on Siberian project]