IFC helped Banka për Biznes develop lending products to increase energy efficiency in Kosovo
Pristina, Kosovo, December 8, 2015 — IFC, a member of the World Bank Group, and Banka për Biznes (BPB) are working together to increase the energy efficiency of smaller companies and homes in Kosovo. With IFC support, BPB has developed two dedicated banking products aimed to provide lending finance for energy efficient (EE) projects in the country.
IFC started advisory project with BPB in September 2014 to support bank in the development of expertise in energy efficiency-based lending. As the result of this cooperation, BPB has developed two lending products – EE Loans for private enterprises and EE loans for individual borrowers, which were presented to bank clients, market stakeholders and broad public on the dedicated event in Pristina marking the official start of lending.
“Cooperation with IFC helped to improve BPB expertise and internal capacity to develop banking business in the area of energy efficient lending,” said Richard Beasley, CEO of BPB. “Energy efficient project finance is rather complex business but at the same time there is a significant investment potential in energy efficient modernization of Kosovo small and medium enterprises as well as private households, and we are glad to support the development of this potential.”
After the official launch of banking products, IFC will further cooperate with BPB in joint promotional activities and provide transactional support. The advisory project with BPB is a part of IFC’s Sustainable Energy Finance Program in Europe and Central Asia implemented in partnership with Austria’s Federal Ministry of Finance.
“Energy efficiency is an important development priority for IFC due to the rapidly increasing demand for energy, growing supply constraints, and related concerns over the environmental impact of energy generation and consumption,” said Thomas Lubeck, IFC Regional Manager for the Western Balkans. “At the same time energy efficiency measures can help private enterprises and household reduce their costs while improving industrial productivity or living conditions.”
Kosovo became a member and shareholder of IFC in 2009. Since then, IFC has invested and mobilized $391 million in 6 projects across a variety of sectors. IFC’s advisory services in Kosovo aim to improve the investment climate, performance of private sector companies and to attract private sector participation in development of infrastructure projects.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.