The European Bank for Reconstruction and Development (EBRD) said on March 18 it is launching a Green Economy Financing Facility (GEFF) that will provide loans for energy efficiency improvements to households in Montenegro.
The financing is part of a larger €135mn GEFF programme for the Western Balkans and will help to make households more energy efficient, reduce greenhouse gas emissions and improve living standards.
"We are pleased that Montenegro has joined the GEFF family and that Montenegrin citizens will now have access to well-structured finance and incentive grants for investments that will contribute to improving the energy efficiency of their homes," EBRD head of Montenegro Jaap Sprey noted.
The programme will benefit from over €27mn in incentives to end borrowers provided by the Western Balkans Investment Framework. Another €5mn in technical assistance to support the preparation, implementation and monitoring of the programme will be secured by grants by the government of Austria and nearly €2mn will be provided by bilateral donors to the WBIF.
Crnogorska Komercijalna Banka (CKB), a member of OTP Group, has signed up as the first partner financial institution in the country with a credit line of €2mn. The sum will be used for on-lending to homeowners, the EBRD said in a statement.
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