The FINANCIAL — IFC, a member of the World Bank Group, and NLB Prishtina, part of the largest banking group in Slovenia, signed an agreement today to increase investments in energy efficiency for small enterprises and households in Kosovo.
IFC will support NLB Prishtina in improving its capacity to identify, evaluate, and finance energy efficiency projects in the country, with a goal to help mitigate climate change and contribute to a cleaner, more sustainable environment.
“We believe there is considerable potential for investments in modernizing smaller businesses and homes to make them more energy efficient,” said Albert Lumezi, Chairman of the Management Board of NLB Prishtina. “Because these investments are quite complex, we are pleased that they will be done with the cooperation and support of IFC, which has considerable experience and expertise in this area.”
The advisory project is part of IFC’s Sustainable Energy Finance Program in Europe and Central Asia, implemented in partnership with Austria’s Federal Ministry of Finance. NLB Prishtina is the second bank from Kosovo to join the program, after Banka per Biznes in September 2014, according to IFC.
“Energy efficiency is a priority for IFC due to the growing demand for energy, increasing supply constraints, and concerns over the effects of climate change,” said Thomas Lubeck, IFC Regional Manager for the Western Balkans. “This project also supports government efforts to implement its Energy Efficiency Action Plan to cut costs and comply with European Union standards.”
IFC’s Sustainable Energy Finance Program provides a wide range of advisory services to support investments in energy efficiency. IFC helps develop local expertise in energy efficiency-based lending through training seminars, joint promotional activities, resource materials, and advice on transactions.