The European Bank for Reconstruction and Development (EBRD), with the support of the European Union(EU) and Austria, is boosting energy efficiency investments in Montenegro by providing a loan of €2 million to NLB Banka a.d. Podgorica for on-lending to residential homeowners.

The funds are provided through the Green Economy Financing Facility (GEFF), which supports investments in high-performance green technologies, materials and solutions for privately owned residential buildings. Beneficiary homeowners receive assistance in identifying and purchasing energy-saving equipment, such as insulation, windows, heat pumps and solar panels that will reduce greenhouse gas emissions, cut energy costs and improve their quality of life. They can receive technical assistance and receive incentive payments of up to 20 per cent of the loan value upon successful installation.

The EU and bilateral donors are providing funds through the Western Balkans Investment Framework (WBIF) as part of the Regional Energy Efficiency Programme (REEP). The Austrian Federal Ministry of Finance is providing additional funds for technical assistance.