London-based development lender the European Bank for Reconstruction and Development (EBRD) has supplied a €5 million loan to Moldova‘s largest commercial bank to finance climate change mitigation and adaptation measures.
A press release published by the EBRD listed “photovoltaic generation and energy storage systems” for households and businesses of all sizes as eligible for funding by the credit line, which will be distributed by Moldova Agroindbank SA.
The loan, which has been provided through the EBRD's Green Economic Financing Facility (GEFF), is made up of €3.75 million of bank funds plus €1.25 million of concessional lending from global climate mitigation cash pot the Green Climate Fund. Although the EBRD has a strong relationship with Moldova Agroindbank, the loan will be the first activity by its GEFF vehicle in the nation.
The EBRD, in a press release issued on December 22, stated the money could also be used for projects such as “thermal insulation for buildings, energy-efficient glazing, LED lighting, heat pumps [and] electric vehicles as well as drip irrigation lines, conservation agriculture machinery and rainwater harvesting equipment.”
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