The European Bank for Reconstruction and Development has given a EUR 5 million loan to OTP Bank in Albania. The purpose of these funds is to provide borrowers with opportunities to build, or refit homes that support energy saving and reduce Co2 emissions.
Homeowners will be able to choose from a number of different technologies to incorporate into their home including double glazing, high-efficiency boilers, and solar panels. They are also able to have a no-fee assessment undertaken for their proposals.
Those proposals that meet all of the criteria for the loans are able to get a cash-back payment of up to 20% of the investment value.
The project is funded by the European Union which provided some EUR 1 million in grants and additional funding has been provided by Austria.
Similar schemes have been successful in Scotland where GBP 3 million was given to social housing providers to improve the energy efficiency of homes across the region. These solutions allow residents to lower their utility bills but also to reduce the amount of energy and water they use, lessening the impact on the environment.
Exit has reported that the EBRD will also finance the construction of the long-awaited Vlora airport. Yesterday at the EBRD summit in London, Prime Minister Edi Rama said that Albania would ask them to fund the project. Sources confirmed to Exit that the EBRD has responded positively to this request.