ЕBRD to launch sustainable energy financing facility in Moldova
The European Bank for Reconstruction and Development (EBRD) launches the Sustainable Energy Financing Facility (MoSEFF) in Moldova with its budget in the amount of 20 million Euros.
According to the EBRD Country office to Moldova, the MoSEFF is a special credit line for Moldovan enterprises, which want to invest in sustainable energy technologies and renewable energy sources.
According to the EBRD representatives, this may be practically any industrial project, which envisages an energy saving possibility, which means a higher profit and increased competitiveness.
Loans, granted to private companies vary from several thousand to 2 million. Financial resources will be allocated through the commercial banks, the list of which has not been approved for the time being.
As far as Infotag knows from credible sources, the priority right will in the MoSEFF will be granted to the banks, which are the EBRD partners and the first of them will be probably Moldova-Agroindbank, which is already working at the possibility to use this credit line.
When asked how the commercial banks will be able to absorb external credits under the conditions of high liquidity and in the absence of reliable clients, the EBRD experts said that the MoSEFF scheme envisages a device to make both the banks and their clients financially interested.
The banks, which will conclude an agreement with the EBRD until the end of July and if the selected projects proved to be efficient, will receive an interest rebate. Clients' successful projects may be covered by 5-20% by grants.
In order to assess the efficiency and technical assistance, the European Bank for Reconstruction and Development invited a group of international and Moldovan experts, headed by the Fichtner German company. The group activities will be financed at the cost of the European Commission's grant, that is why, technical support will be free for borrowers.
The EBRD representatives remarked that the access to the project credit resources for such big companies as RED Union Fenosa or Moldovagaz will be determined by the commercial banks, which cooperate with the above organizations.
Moldova is the 14th country, which participates in the Sustainable Energy Financing Facility program. This program has already demonstrated its efficiency in Ukraine, Russia, Romania, Bulgaria, Western Balkans, Central Asia and Caucasus. By the present moment the EBRD has allocated 900 million Euros for such programs, as well as the bank supported projects worth 600 million Euros.
Infotag, Moldovan news agency
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