EBRD to lend €40 mln for energy efficiency of homes

A total of €40 mln have been ensured for the rehabilitation of individual homes and entire residential buildings under the energy efficiency programme. The funds will be lent by the European Bank for Reconstruction and Development and should be absorbed by mid-2014 through credits extended by four Bulgarian banks - Raiffeisen Bank, DSK Bank, CIBank and ProCredit Bank. The news was announced on Thursday at a forum dedicated to the improvement of energy efficiency of homes under the REECL programme.

Between 20% and 35% of the loans to be borrowed by citizens for improving the energy efficiency of their homes will be, in fact, granted. The money will be refunded to the people upon presentation of invoices and cash receipts. The grant will total €14 mln. Part of the money will be allocated by the International Fund Kozloduy.

A 20% discount on the credit withdrawn will be granted to citizens who borrow themselves a loan for home rehabilitation - replacement of windows, insulation, etc. A 25% discount on the loan will be granted to a group of at least three homeowners who borrow money under this scheme and 35% of the credit withdrawn will be refunded if all the people living in a block of flats join the scheme.

The highest credit that can be borrowed is between BGN 35,000 and BGN 50,000, depending on the lending institution chosen. The loan should be repaid within 120 months at the most, or 10 years, and the shortest repayment term will be six months.

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