By Cyber Era NG Special Correspondent
The European Bank for Reconstruction and Development (EBRD) is extending a €4 million(US$4.53million) loan to KEP Trust (KEP) in Kosovo. The financing package, which the European Union (EU), Sweden and Luxembourg are backing with grants and technical assistance, will support investments in energy efficiency and women-led businesses.
Some €3 million of the loan package will be allocated to supporting investments in energy efficiency in the residential sector, under the Green Economy Financing Facility (GEFF). Once these measures have been implemented successfully, borrowers will be eligible for cashback of up to 20 per cent of their total investment, funded by the EU. The GEFF is supported by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance and is part of the Regional Energy Efficiency Programme (REEP) for the Western Balkans.
A €1 million loan for women-led businesses is being extended under the EBRD’s Women in Business programme, which promotes women’s entrepreneurship and their participation in business more broadly, by providing them with access to finance and know-how. The programme is supported by the governments of Sweden and Luxembourg.
EBRD Head of Kosovo, Neil Taylor said: “With KEP and our donors, we are making a real difference to everyday life by helping citizens to invest in energy-efficient solutions for their homes, helping to reduce emissions, improve air quality and build a greener economy and future for Kosovo. In addition, I am pleased that we are supporting women entrepreneurs in Kosovo with the aim of promoting economic inclusion for them and, hence, development in the country.”
CEO of KEP Trust, Shpend Nura said: “The new credit line provided by the EBRD will support our institution in increasing lending for energy-efficiency investments and support our clients in investing strategically in their homes and improving their standard of living. In addition, we will help women entrepreneurs to further invest in their businesses, build skills and maintain business continuity through these challenging times.”
KEP Trust is a non-governmental organisation and the largest microfinance institution in Kosovo. It was founded in August 1999 by humanitarian organisation International Catholic Migration Commission, Switzerland, and the Prizren Business Club.
The EBRD has invested €545 million in Kosovo since it began operating there in 2012. The Bank’s strategic priorities in the country are to promote the green economy, support the competitive development of the private sector and foster regional integration.
