The European Bank for Reconstruction and Development has launched a new volume of $ 300 million to promote energy conservation in Russia, said the EBRD.

The first loans to the program has become a long-term loan of up to $ 60 million provided Promsvyazbank to finance his private clients in energy efficiency.

The new amount of $ 300 million provides banks participating funds for on-lending to medium and large corporate clients and focuses on projects that improve energy efficiency in Russia, the largest of the countries of operations the EBRD. Ultimate borrowers will be able to borrow up to the amount of $ 6.5 million or the equivalent in rubles.

The current crisis has increased the relevance of energy efficiency in Russia, as Russian industry is traditionally characterized by high levels of energy, and increasingly seek to reduce costs for energy, said the bank. Market research conducted on the initiative of the EBRD in 2007, revealed the potential for reducing energy consumption in the Russian industrial enterprises, on average, 30% by implementing energy efficiency projects with a payback period of 1 year to 5 years (at current prices for energy) .

Regions where the EBRD projects include the countries that are the most energy efficient in the world. According to the Bank, for its energy in Russia, three times the economy of Great Britain, India and Japan.

Bank became the first international financial organization established in 1994, a specialized department for energy efficiency. In May 2006, the Bank has developed the initiative to develop sustainable energy, aimed primarily at improving energy efficiency. By the end of 2008, the Bank has financed 166 projects in the field of energy efficiencyin 24 countries, providing for this purpose 2.7 billion euros (equivalent to $ 3.8 billion), with total projects mldr was 14 euros (equivalent to about $ 20 billion).

volume of EBRD investments in energy efficiency projects in Russia over the same period amounted to 755.2 million Euro (equivalent to more than $ 1 mldr). In doing so, the total value of energy efficiency projects in Russia, carried out with the investment bank, was 3.7 billion euros (equivalent to $ 5.2 billion), including funds provided by other parties.

A new program designed for the Russian banks, is similar to programs of the Bank carried out operations in countries of Eastern Europe, Western Balkans, Central Asia and Caucasus.

This initiative is accompanied by a Bank technical assistance program, the first phase of which is funded by a special fund shareholders EBRD.

Banks parties and the ultimate borrowers will receive free access to technical assistance to identify projects to improve energy conservation and appropriate economic impact assessment, including assessment of the effect of reducing the emission of greenhouse gases that may contribute to carbon financing through the joint implementation Kyoto Protocol.
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