The European Bank for Reconstruction and Development said Monday it would give 110 million euros (145 million dollars) to promote energy efficiency and renewable energy in the Western Balkans.
"This new financing… will act as a catalyst to unlock the great potential in the region to reduce energy intensity and promote diverse sources of green energy," EBRD president Thomas Mirow said at an energy forum in Sarajevo.
One 50-million-euro funding facility will provide money directly to private companies in the Western Balkans, while a second 60-million-euro facility will provide loans to companies and households via the banking sector.
Energy usage in the Western Balkans ranges up to 2.5 times higher than the average for European countries which are part of the Organization for Economic Co-operation and Development (OECD).
Mirow was in Sarajevo to attend a two-day energy forum jointly organized by EBRD and the Energy Community, a regional group set up in 2006 to create a regional energy market to ease integration with the European Union.
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