World Bank Provides $31M for Kosovo Energy Efficiency and Renewablea

THE World Bank is providing $31 million of finance for energy efficiency and renewable energy projects in Kosovo.

Kosovo’s Minister of Finance, Avdullah Hoti, and the World Bank’s Country Director and Regional Coordinator for Southeastern Europe, Ellen Goldstein, yesterday both signed agreements for the Kosovo Energy Efficiency and Renewable Energy Project, along with finance for a health reform project.

Hoti said, "The agreements are under very favorable terms, particularly given the limited budgetary capacities of the country, and they address two areas that are among the five priorities of the Kosovo Government.

"We are moving ahead with the ‘Kosova e Re’ project and Energy Efficiency supports this project through energy saving measures.”

“A modern energy sector generating reliable, affordable and cleanest possible electricity is indeed Kosovo’s most urgent priority,” concurred the World Bank Country Director Ellen Goldstein. “Using available energy more efficiently and encouraging the development of renewable sources represent two central pillars of Kosovo’s comprehensive energy strategy.”

The Kosovo Energy Efficiency and Renewable Energy Project (KEEREP) aims at reducing energy consumption and fossil fuel use in public buildings and demonstrating the economic viability of corresponding investments. Through this project, the Bank will be supporting Kosovo in implementing its comprehensive energy strategy and enhancing the policy and regulatory environment for renewable energy and energy efficiency.

The Government is expected to benefit from this project through reduced energy expenditures, a renovated building stock, with a particular focus on universities and hospitals, and improved indoor comfort and functionality.

In parallel, the Ministry of Economic Development, the Ministry of Environment and Spatial Planning, the Kosovo Energy Efficiency Agency, and the Energy Regulatory Office will develop their capacity to foster sustainable energy investments across the country.

The private sector will benefit from an improved regulatory environment, which is expected to facilitate faster licensing and easier market entry for companies developing renewable sources of energy, which, in turn, will stimulate demand for goods and services from suppliers and service providers in these sectors.

Picture of Pristina, Kosovo reproduced under CCL.

Friday 16th January 2015

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