Target financing of energy-efficiency and resource-saving projects
The Program of target financing of energy efficiency projects in Russia provides for raising a loan from the International Bank for Reconstruction and Development (the IBRD) in the amount of 300 million US dollars for a period of 18 years against a full sovereign guarantee of the Russian Federation. A condition for Vnesheconombank’s participation in the Program is that the Bank provides co-financing in the amount comparable with borrowed funds.
At present a portfolio of projects that can be financed as part of this credit line is being formed. And an interest rate for end borrowers might be substantially reduced due to a relatively low cost of raising funds from the IBRD.
The Program also provides for raising a grant from the Global Ecological Fund (the GEF) in the amount of 25 million US dollars to render technical assistance in providing information analytical support for pursuing a policy of energy conservation and energy efficiency in the Russian Federation.
Due to their participation in the Program project initiators, Vnesheconombank’s customers, will be able:
- To additionally raise financial resources from Vnesheconombank, the World Bank and the Global Ecological Fund in order to implement energy-efficiency projects in Russia;
- To receive technical assistance from the World Bank and other international financial institutions in preparing and implementing energy-saving and energy efficiency projects with due regard to various economic sectors’ specifics;
- To get a chance to use business experience and expertise of the Russian Energy Agency and engage it in order to conduct expert examination and provide organizational and technical assistance in selecting energy saving and energy efficiency projects