TIRANA, March 12 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) launched here on Tuesday the Green Economy Financing Facility (GEFF), a 9-million-euro (around 10-million U.S. dollar) loan program which will enable borrowers to finance investments aiming energy efficiency in Albania.
The program aims to reduce the energy use in the residential sector and air pollution as well as increase investments in energy efficiency and renewable energy in the country. The GEFF combines credit lines to local partner banks with technical assistance and investment incentives.
EBRD Albania Director Matteo Colangeli said that the citizens living in private houses or community buildings will benefit a greater access to funding of energy-saving projects.
"This program will allow citizens to modernize their windows, doors and boilers and to invest in technologies that will provide energy-savings to households," said EU ambassador to Albania Luigi Soreca in his speech.
"If you want to get a loan for energy-saving refurbishments, the EBRD loan will make it 15 to 20 percent cheaper," he added.
Mayor of Tirana City Hall Erion Veliaj welcomed the launch of the program, saying that it is high time to join forces with the partners to have greener cities in Albania.
The GEFF program is expected to cut more than 21,000 tons in Carbon dioxide per year. The EU estimates that around 30,000 households in the Western Balkans will benefit from it.