18 May 2012: The European Bank for Reconstruction and Development (EBRD) is launching a new €35 million Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) to encourage households to make better use of the country’s energy resources and to reduce their household energy bills.

The first credit line under this facility is a €3 million loan to BCR Chisinau, one of the first foreign capital owned banks, to provide on-lending to residential customers in Moldova to support the use of energy efficient appliances, such as thermal insulation of walls, roofs, floors, installation of boilers, heat pumps and other energy saving measures. BCR Chisinau is a subsidiary of BCR Romania, member of Erste Group from Austria, and one of the three Moldovan banks which have participated in the EBRD Energy Efficiency Financing Facility (MoSEFF) for private companies. Funds from EBRD’s MoREEFF will also be made available to other local banks. The Swedish International Development Cooperation (SIDA) and the EU Neighbourhood Investment Facility (NIF) are also providing additional financial support.

Henry Russell, EBRD FI Director for Western Balkans, Croatia, Belarus and Moldova, highlighted that the loan is an example of the Bank’s interest in promoting more efficient energy utilisation for households. EBRD, one of the largest investors in Moldova, has to date signed 85 investment projects covering energy, transport, agribusiness, general industry and banking for a total of almost €636 million. [EBRD News]