MoREEFF is a new framework developed to help households to make better use of the country’s energy resources and to reduce their household energy bills.
BCR Chisinau CEO Sorin Andrei said, "BCR Chisinau involvement in residential energy efficiency financing in cooperation with the EBRD will contribute to the Moldovan economic development and will ensure households receive financial support to reduce energy costs and increase personal welfare."
The first credit line extended under MoREEFF is a €3m loan to BCR Chisinau to finance residential energy efficiency projects in Moldova.
BCR Chisinau will on-lend further to individuals, households, groups of residents and energy service companies to help the Moldovan population save money and energy by investing in energy efficient appliances.
The Bank said funds from the EBRD’s MoREEFF will also be made available to other local banks.
The framework is complemented by grant funding by the Swedish International Development Cooperation worth €2.3m to support project development as well as an EU NIF grant of €5m.
