Банкеръ Weekly

Briefs

MANAGER OF ENERGY EFFICIENCY FUND SELECTED

A consortium between the Canadian company Econoler and the Bulgarian EnEffect and Elana will undertake control on the fund for energy savings, Tasko Ermenkov, Chairman of the Energy Efficiency Agency, said during the week. The consortium has been approved by the World Bank which is the major donor to the new financial structure. On April 11 Energy Minister Miroslav Sevlievsky and the World Bank's Resident Representative in Bulgaria Oscar de Bryun Kops signed an agreement for a USD10MN donation. If we observe the rules for investing the collected money when utilizing the funds, this amount will become USD200MN over the next decade, Mr. Sevlievsky noted. Mr. Kops, on his part, specified that the USD10MN is just a 'feeding' instalment, because the new structure will be operating on market principles, based on public and private partnership. It will finance projects, supporting energy efficiency in industry and households, improvement of heating network for production and transiting, and renovation of municipal installations. Released loans will be from BGN50,000 to BGN3MN and the interest rates will be lower than those offered by banks. The energy efficiency of buildings liable to sanation should have been inspected by certified companies. Credits can be drawn by natural persons who own the entire building, or by associations of owners of different estates in it. The Bulgarian Government took part in the initial collection of capital for the fund by an instalment of BGN3MN. Among the co-founders are also the Austrian and the Swiss governments. Private companies may also participate in the collection of funds. Among the donators so far are: DZI Bank, LUKoil Neftochim Bulgaria, and Brunata. The fund's manager will bear the responsibility for the collected money. The contract with it will be valid for five years, and the Bulgarian-Canadian consortium will be financed by the World Bank until new structure is stabilized.

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