ProCredit Bank offers loan for reducing energy use

TIRANA, July 3 – ProCredit is the first bank in Albania to offer a specialized loan product to reduce the use of energy.
In an effort to contribute towards the global trend of saving energy, ProCredit Bank will develop energy efficiency loans, which enable its beneficiaries to substantially improve the quality of their lives.
The energy efficiency loan will help businesses and families to reduce their energy costs. The aim of the loan is to promote financing of energy-saving technologies.
The presentation of this new product will be possible with the collaboration of ProCredit Bank Albania and the European Fund for Southeast Europe (EFSE), one of the largest microfinance investment funds worldwide. These two institutions reached a Framework Agreement for granting Individual Loans totalling amount of EUR 5 million, with EUR 2 million for Energy Efficiency Housing Loans and EUR 3 million for Rural Loans. These loans enable ProCredit Bank to extend its outreach to individual, small and medium enterprises in Albania, particularly in rural areas.
Mimoza Godanci, Deputy Executive Officer of ProCredit Bank, said: “ProCredit Bank has been a long-term partner in Albania for more than 14 years. The Bank has demonstrated an active commitment to reach SME-s, and therefore plays a crucial role in supporting a vibrant and entrepreneurial SME sector in Albania”. “We are confident that the loan will enable and promote energy efficiency as well as private entrepreneurship in Albania for the benefit of the whole economy,” commented Godanci. ProCredit Bank and its staff have always been recognized as very active in environmental protection and planning for the benefit of the natural environment and humanity.
Klaus Glaubitt, Chairman of the Board of Directors of EFSE, noted: “Both loans represent important investments for EFSE. The rural loan is tailored to the small-scale agricultural clients in rural areas, which is in line with EFSE’s goal to promote rural lending. With the Energy Efficiency Housing Loan, ProCredit Albania is able to put one of the most up-to-date products on the Albanian market. We are very proud to be part of this process.” This latest loan is a continuation of EFSE’s commitment to support the economic development in Albania. Across its target region in Southeast Europe, EFSE has committed over EUR 600 million to 55 commercial banks, microfinance institutions and non-bank financial institutions to facilitate EUR 835 million in 166,000 loans to MSEs and low-income private households (as of 31st March, 2009). This in turn has contributed to the creation of 245,000 jobs (EFSE Annual Development Impact Study 2007).
Aimed at fostering economic development and prosperity in Southeast Europe, EFSE offers long-term funding instruments to local financial institutions for lending to micro and small enterprises as well as to low-income private households. Established by KfW in December 2005 as a Public-Private Partnership, the Fund exhibits a strong investor base of donors, international finance institutions and private institutional investors.