German development bank KfW has signed a EUR 18.5 million financing agreement with Raiffeisen Bank in Bosnia and Herzegovina (BiH) in a continuation if long-standing cooperation on funding projects to improve energy efficiency, according to a press release from KfW.
“It is my pleasure to sign this agreement and thereby continue our successful cooperation with KfW Development Bank, which we started 20 years ago. This line of credit will allow financing of projects in the area of improving energy efficiency and reducing CO2 emissions, while ensuring significant savings for our customers. One of the pillars of our sustainability strategy is to be a “responsible banker”. This means that our business strategy is aligned with this goal and that we do not limit ourselves only to achieving the economic value, but also take into account the environmental and social impact of our business,” said Karlheinz Dobnigg, Chairman of the Board of Raiffeisen Bank, adding that the bank also wanted to raise awareness in the market about the importance of energy saving.
The value of the signed agreement is EUR 18.5 million, of which EUR 15.0 million is a loan and EUR 3.5 million is a grant by the German Government, intended for individuals and small and medium-sized companies to finance refurbishment of residential buildings as well as other projects for improved energy efficiency.
“KfW is pleased to continue its long-lasting cooperation with Raiffeisenbank BiH on the basis of this new credit facility. With its large branch network within Bosnia and Herzegovina and its extensive experience, Raiffeisenbank is the ideal partner for KfW to promote energy efficiency in residential housing in Bosnia and Herzegovina. KfW emphasizes its continuous engagement to promote the sustainable economic development of Bosnia and Herzegovina,” said Christoph Tiskens, Director for Southeast Europe and Turkey, KfW Development Bank.
KfW is a leading German development bank forming part of KfW banking group, owned by the Federal Republic of Germany and its States. With its 700 employees at the head office and around 390 specialists at 69 local offices, KfW Development Bank does business with partners all over the world. The bank’s main goal is to overcome poverty, provide security, preserve the environment and climate and facilitate fair globalization. KfW is a competent strategic advisor on current development matters, Balkan Green Energy News reports.