EBRD loans for energy-effective homes in Belarus

The European Bank for Reconstruction and Development (EBRD) is ready to consider lending money for energy-effective home construction projects in Belarus, BelTA learned from Vincent Duijnhouwer, lead manager of the Sustainable Resources and Climate Change Department of the European Bank for Reconstruction and Development, on 23 June.

So far the EBRD has financed only a project meant to improve the energy effectiveness of an office building in Belarus. The money was allocated via the Belarus Sustainable Energy Finance Facility (BelSEFF). At the same time the EBRD has financed housing energy effectiveness projects in other countries, including in Russia and Ukraine. “For the sake of implementing such a project we have to find companies that will be able to take out loans via our partner banks. For now there are no projects like that in Belarus but they may emerge in the future,” noted Vincent Duijnhouwer.

The EBRD representative said he believes that it is important to bear in mind economic advisability and cost recovery during the construction of energy-effective homes. “Since prices for electricity and natural gas for households are comparatively low in Belarus, it is difficult to accomplish such a project from the economic point of view. It will take a long time to recoup the costs,” explained Vincent Duijnhouwer.

The European Bank for Reconstruction and Development (EBRD) was created in 1991. It is the largest investor in the region. Apart from using its own funds the EBRD relies on considerable volumes of foreign direct investments. After launching a sustainable energy initiative in 2006 the EBRD has invested over €16 billion in more than 1,000 projects in various countries. Those are projects designed to tap into wind energy, solar energy, and hydro energy, support environmentally friendly transportation and power plants and other endeavors.