EBRD extends EUR-85m for sustainable energy in Poland

(ADPnews) - Dec 6, 2010 - The European Bank for Reconstruction and Development (EBRD) on Friday said it extended loans totalling EUR 85 million (USD 113.7m) to Polish Bank BGZ and Bank Millenium for sustainable energy financing.

Bank BGZ, controlled by Rabobank, has received EUR 50 million and Bank Millenium (WAR:MIL), the Polish unit of Portuguese Banco Comercial Portugues SA (ELI:BCP), has drawn EUR 35 million of the total amount.

The financing will be used for on-lending of up to EUR-1-million credits to small and medium companies (SMEs) investing in energy efficiency and renewable energy projects.

The loans are extended under the EBRD's EUR-150-million Poland Sustainable Energy Efficiency Facility and supported by European Union's technical assistance and grants programme.

"We expect more Polish financial institutions to join the facility shortly", EBRD director for energy efficiency Terry McCallion said.

EBRD has launched Sustainable Energy Financing Facilities totalling EUR 1.2 billion in 15 countries in eastern Europe, the Western Balkans, Central Asia and the Caucasus.

EBRD added it has invested EUR 4.5 billion in Poland since the beginning of its operations in the country.

(EUR 1 = USD 1.338)

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