- First disbursement under Western Balkans Green Economy Financing Facility
- Fondi BESA is Albania’s largest microfinance institution
- Funds will support investments in energy efficiency
Fondi BESA, Albania’s largest microfinance institution, will receive €1.5 million for on-lending to support investments in energy efficiency technologies, materials and measures in privately-owned residential dwellings or buildings. The total loan amount is €3 million.
The investments are expected to lead to energy savings of more than 68,000 MWh per year and the reduction of annual greenhouse gas emissions by more than 21,250 tonnes of CO2.
Fondi BESA has more than 32,200 clients in Albania with a loan book of €87 million and assets of €107 million. It is 66 per cent owned by the Albanian Besa Capital Foundation, a non-profit organisation. The company has been an EBRD partner since 2010 and provides micro-lending to individuals and small businesses across Albania.
The new financing for Albania is provided under the EBRD’s €85 million Western Balkans Green Economy Financing Facility (GEFF). The programme is a joint initiative of the European Union (EU), bilateral donors and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF) and is implemented in partnership with the Secretariat of the Energy Community. The Austrian Federal Ministry of Finance will provide incentives and technical cooperation in support of green technology investments.
The GEFF programme operates through a network of more than 130 local financial institutions across 26 countries supported by almost €4 billion of EBRD finance. This has enabled more than 120,000 clients to save a total of almost 7 million tonnes of CO2 emissions a year.
The EBRD has invested €1.2 billion in 84 projects in Albania, where it focusses on the sustainable development of the private sector, enhancing the commercialisation of infrastructure projects and promoting sustainable energy and environmentally sound investments.
News Source: European Bank for Reconstruction and Development