Western Balkans GEFF celebrates first Albania disbursement

Western Balkans GEFF celebrates first Albania disbursement
Green investments in houses in Albania will be boosted by the first disbursement under the EBRD’s new Western Balkans Green Economy Financing Facility.

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.

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. /ibna/