European Bank to promote sustainable energy financing in Belarus
The European Bank for Reconstruction and Development (EBRD) has launched a new $50m Belorussian Sustainable Energy Finance Facility to promote sustainable energy financing in Belarus.
EBRD will provide a five-year $4m loan to Minsk Transit Bank (MTBank), which in turn will provide funding to developers of projects that aim towards energy efficiency and renewable energy generation.
This facility is expected to reduce the energy consumption and carbon emissions in the country.
MTBank Board chairman Andrey Zhishkevich termed the agreement to be a long-term cooperation between the two banks.
The borrowers will also utilize the technical expertise from the EBRD framework to further their objectives.
A wide array of sectors in the country such as manufacturing, services and retail are expected to secure lending under the initiative.