Bulgarian bank taps EBRD loan

Bulgarian bank taps EBRD loan

Published: October 16, 2013

CIBANK will use €2mn funding to back residential clean energy investment.

Bulgaria’s CIBANK has received a €2mn (US$2.7mn) loan from the European Bank for Reconstruction and Development (EBRD) to help it back sustainable-energy investments.

The bank will use the funding to lend to individuals, households and associations of apartment owners for energy-efficiency projects.

The loan comes under the EBRD’s Residential Energy Efficiency Credit Line (REECL) for Bulgaria, which was launched in 2005 with loans of €50mn to local banks, and expanded with a further €40mn in 2011. More than 42,000 small-scale residential energy efficiency projects have so far been implemented using the initiative’s resources.