EBRD disburses fresh funds under UREEFF
Three partner banks to finance thousands of energy efficiency projects in Ukraine.
The EBRD is releasing fresh funds under its Ukraine Residential Energy Efficiency Financing Facility (UREEFF) to support better use of energy in the country.
The funds will benefit the so-called IQ energy programme which is designed to promote energy efficiency investments. It is supported by €15 million in grant funding from the Eastern Europe Energy Efficiency and Environment Partnership (E5P), to which the European Union is the largest contributor.
Sub-loans of €10 million and €7 million respectively will be made available to the existing IQ energy partners UkrSibbank and OTP Bank. The programme also welcomes as a new partner bank Crédit Agricole, which will receive a limit of up to €1 million. With these funds the three institutions will be able to support over 18,000 projects with individual borrowers and housing associations planning to implement a wide range of energy efficiency measures.
Eligible borrowers under the programme will be able to receive loans for energy efficiency improvements. These may include the insulation of walls, roofs and ground floors; the installation of modern energy-efficient windows, and of gas and biomass boilers; heat supply system upgrades; the installation of solar thermal systems and many others.
IQ energy, which has been operational in Ukraine since April 2016, has already channelled around UAH 320 million worth (approximately US$ 12 million equivalent) to 13,000 Ukrainian households for thermal modernisation. The programme’s website currently offers over 5,000 energy-efficient products and technologies, which can be purchased and implemented with the help of 20 different financial products available through EBRD partner banks under IQ energy.
IQ energy also benefits from technical assistance funding for programme implementation, provided by E5P and the Swedish International Development Cooperation Agency (Sida).
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €11.6 billion through 383 projects since the start of its operations in the country in 1993.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.