Economy

EBRD includes OTP Bank, Raiffeisen Bank Aval in residential sector energy efficiency program

The European Bank for Reconstruction and Development (EBRD) will issue a credit line of up to EUR75 million to Ukrainian banks as financing of the residential sector energy efficiency program, which at the first phase includes OTP Bank and Raiffeisen Bank Aval in the program (both based in Kyiv).

Senior Communications Adviser at the European Bank for Reconstruction and Development Anton Usov told Interfax-Ukraine that the bank's board of directors approved the relevant projects at a meeting on September 2.

It is expected that the EBRD will provide funds to financial institutions, which, in turn, will lend to end borrowers in the housing sector, including individual homeowners, groups of homeowners, housing associations, construction associations and cooperatives. These projects should foresee the use of investment in high technology and energy efficiency measures to reduce energy consumption by at least 20%.

The document states that the bank's funds are supplemented with the mobilized hryvnia resources of Ukrainian banks participating in the program in the amount of up to EUR65 million.

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