Connect with us

Economy

EIB increases support to energy efficiency and green energy projects in Czech Republic

SHARE:

Published

13 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

ImpressionThe European Investment Bank (EIB) has extended two intermediated loans combined with EU grant subsidies to support energy efficiency and renewable energy projects promoted by SMEs and Mid-Cap companies in the Czech Republic:

  • EUR 100 million loan to Raiffeisenbak a.s. and
  • EUR 50 million loan to Česká Spořitelna a.s.

Both loans are expected to benefit from the new SME Energy Efficiency Window with a view to support energy efficiency and renewable generation projects undertaken in the Czech Republic by eligible housing associations, Energy Service Companies and other SME and Mid-Cap promoters. This EU grant facility will be used to provide financial incentive to eligible projects as well as to finance necessary consultancy fees and administrative costs.

In addition to targeting energy efficiency and green energy projects, the loans will also be used to support other projects carried out by SMEs and Mid-Caps.

The mentioned loans have been developed in the framework of the Green Initiative – involving EU grants of EUR 25.2 million provided by the European Commission. Some 60% of the EU grants have been fostering investment incentives for final beneficiaries while project related technical assistance and administration fees have been supported by 20% of the total sum each.. The country coverage for this initiative has been focused on EU Member States that have joined the Union after January 2004 and Candidate Countries from Central and Eastern Europe. So far, seven banks in six countries are involved (Croatia, Czech Republic, Hungary, Poland, Romania and Slovakia).

These loans are in line with the EIB’s priority to provide better availability of long-term finance in particular to SMEs and Mid-Caps. In addition, they will help reduce the effects of the financial crisis and support growth by fostering economic restructuring, consolidation and diversification as well as enhancing long-term competiveness through the increased availability of long-term credits. To these ends, the EIB is joining forces with well-established financing institutions, like Raiffeisenbak a.s, and Česká Spořitelna a.s. that know the local market and counts SMEs and Mid-cap companies among their customers.

Background

The European Investment Bank is the long-term lending institution of the European Union and is owned by the member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Advertisement

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending