Банкеръ Weekly

Briefs

EUR1.5MN ADDED TO THE ENERGY SAVING FUND

Deputy Minister of Energy Angel Minev and Austria's Ambassador to Sofia, H.E. Karl Diem signed on July 13 a EUR1.5MN donation agreement. The money will be used for financing the activities of the Energy Efficiency Fund. It will be transferred in two equal instalments, but the schedule is to be established with the manager of the body - the consortium between the Canadian Econoler and the Bulgarian EnEffect and Elana, Tasko Ermenkov, Executive Director of the Energy Efficiency Agency and member of the fund's Managing Board, told the BANKER weekly.The Energy Efficiency Fund already holds USD10MN donated by the World Bank, as well as BGN3MN provided by the Bulgarian Government. A EUR7.8MN donation from the Government of Switzerland is still under question. I think the negotiations for this donation must be led by the manager of the fund, as he is actually managing its operations now, Mr. Ermenkov said. He expects that the body start real operations by the end of the current month. A regulation of its activities and criteria for classification of the projects are now being prepared.Financing will be provided to proposals for improvement of the industrial and household energy efficiency, for improvement of the production and transportation heat supplying network and for renovation of the municipal installations. The loans will vary from BGN50,000 to BGN3MN and the redemption term will be between three and five years. The interest on the credits will be defined individually depending on the characteristics of each project. Apart from legal entities, associations of citizens living in the same building are also eligible for financing.

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