EBRD to extend credit lines for SMEs energy efficiency projects in Bulgaria

(ADPnews) - Mar 2, 2011 - The European Bank for Reconstruction and Development (EBRD) today said it would extend credit lines to support small and medium enterprise (SMEs) energy efficiency projects in Bulgaria.

Under the memorandum of understanding signed today between EBRD and the government of Bulgaria, the bank will establish the Energy Efficiency for Competitive Industry Financing Facility to extend credit lines to domestic commercial banks in order to facilitate the government's new programme to promote energy efficiency investments of SMEs.

Under the programme, the government will provide technical assistance and grants to couple with the loans that commercial banks which receive credit lines from the EBRD will provide for energy efficiency projects of SMEs.

The government expects to fund its sustainable energy initiatives with some EUR 200 million (USD 276.3m) from the Operational Programme Development of the Competitiveness of the Bulgarian Economy 2007-2013, the EBRD said.

Bulgaria aims to achieve national energy savings of at least 9% of the final domestic energy consumption by 2016 and to reach 16% share of renewable energy in the final energy consumption by 2020.

(EUR 1 = USD 1.381)

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