The European Bank for Reconstruction and Development (EBRD) has unveiled the €75m Western Balkans Sustainable Energy Financing Facility II (WeBSEFF II) to increase energy supplies, by investing in energy efficiency and renewable energy projects across eligible countries.
The WeBSEFF II initiative covers the countries of Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro and Serbia.
Under the facility, Raiffeisen Bank Bosnia and Herzegovina has been awarded a loan worth €5m, which will be utilized in the sustainable energy financing activities of the country.
Meanwhile, the European Union has provided around €11.5m in grant funds to support the initiative.
Commenting on the initiative, EBRD president Suma Chakrabarti said that energy prices are witnessing hikes and it is expected that this trend will accelerate.
"Improving energy efficiency and increasing the use of renewable energy is an effective response to this challenge," added Chakrabarti.
Through WeBSEFFI, approximately €55m was provided in loans for 123 energy efficiency and renewable energy projects.