The European Bank for Reconstruction and Development (EBRD) and Erste Bank Hungary signed an agreement for a EUR15 million loan facility to stimulate the upgrade of energy efficiency infrastructure in Hungarian municipalities.
19 May 2011: The European Bank for Reconstruction and Development (EBRD) and Erste Bank Hungary signed an agreement providing for a EUR15 million loan facility to stimulate energy efficiency projects in Hungarian municipalities, municipal companies and private energy saving companies providing services to local authorities.
The agreement on the loan programme is backed by a EU Commission non-refundable subsidy that helps municipalities assess energy savings opportunities and evaluate financial feasibility of the projects. With the EBRD’s support, Erste Bank Hungary will increase the availability of private funding for energy efficiency and renewable energy projects. The funds will support the upgrade of energy efficiency infrastructure, including the modernization of heating and lighting systems, replacement of outdated boilers and improvements to the thermal insulation of buildings. [EBRD Press Release]