In an initiative to improve energy efficiency in Bulgarian households, the EBRD has partnered with CIBANK to provide loans for investments that increase energy savings and reduce carbon consumption.
29 March 2012: The European Bank for Reconstruction and Development (EBRD) is financing energy efficient investments in Bulgaria’s residential sector, including the installation and refitting of thermal wall insulation, energy efficient windows, boilers and central heating systems.
EBRD is providing a €5 million loan to CIBANK for lending money to individuals and associations of apartment owners. The project aims to generate greater energy savings and reduce carbon consumption by helping households cut back on energy use and costs, while implementing the European Directive on the energy performances of Bulgarian buildings. “This credit line will help raise the comfort standards in Bulgarian homes,” stated Daniel Berg, Director of EBRD in Bulgaria.
The financing is part of EERB’s Residential Energy Efficiency Credit Line (REECL) Framework and it marks the first EBRD-CIBANK cooperation. Since EBRD began operating in Bulgaria, the bank has invested over €2.5 billion in various sectors of the country’s economy. [EBRD Press Release]