The European Bank for Reconstruction and Development (EBRD) has provided a loan of up to €10m to UniCredit Bank Mostar for clean energy projects in Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro and Serbia.
The fund, which was granted under the EBRD’s Western Balkans Sustainable Energy Efficiency Facility II (WeBSEFF II), will be used to finance private and municipal clients investing into energy efficiency and renewable energy projects.
EBRD Sarajevo resident office head Libor Krkoska said that EBRD is proud of UniCredit Bank Mostar joining the new facility because the strong market presence and outreach of the bank will provide a significant boost to energy efficiency lending.
"This represents an important step forward in increasing activities in this field in the country," Sarajevo added.
"At the same time this engagement will widen the product portfolio that UniCredit Bank Mostar can offer its customers, thus strengthening its competitive position."
EBRD’s WeBSEFF II has a total loan volume of €75m and is supported by European Union with €11.5m grant. It supports technical cooperation programs and investment incentives for borrowers.
UniCredit Bank Mostar CEO Ivan Vlaho said that UniCredit Bank is pleased to continue the successful cooperation with the EBRD in improving energy efficiency and investment in renewable energy projects in its country.
"By participating in the first phase of the EBRD’s WeBSEFF I credit line we have significantly helped companies in Bosnia and Herzegovina to reduce their energy costs, increase production and become more competitive in the market, which is why last year we received the EBRD award for supporting sustainable energy efficiency projects in Bosnia and Herzegovina," Mostar added.
"We recognize the importance and the development potential of energy efficiency and renewables and we are delighted to have the opportunity to again support projects in this area through our continued joint cooperation under WeBSEFF II."