The Eurasian Development Bank (EDB) has increased its lending facility to Russia’s Centr-Invest Bank.

The EDB is adding €150mn to the €150mn credit line it extended in June 2012. Centr-Invest will use the finance to lend to energy saving projects. The new loan has a tenor of three years, but Madina Kasymbaeva, project manager at the EDB, is unable to confirm the pricing.

The conditions of the loan stipulate that Centr-Invest must make sub-loans to the tune of €3mn six months from the disbursement date.
Kasymbaeva tells GTR that “the companies and entrepreneurs registered in Russia or other EDB member countries and engaged in energy efficiency projects” can expect to benefit from the finance.

She adds: “It could be projects in the following areas: reducing energy consumption, for example replacement or updating of the heating facilities, air conditioning, equipment facilities, etc; renewable energy, such as solar, wind, biomass or hydro; resource saving, for example replacing equipment to minimise waste and emissions from industrial processes.”