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Public relations section
Raiffeisenbank (Bulgaria) EAD finances private individuals’ projects for increasing energy efficiency of households dwellings with a EUR 10 mln credit line received from the EBRD. The new Energy Efficiency loan will allow households to cut down energy consumption and costs. Individuals will use Raiffeisenbank’s loans to improve, for example, double glazing, interior and exterior insulation, incl. roofs and floors, biomass stoves and boilers, solar water heaters, efficient gas boilers and heat pumps. Each energy efficiency project will be approved by EBRD consultants.
The interest rates of Raiffeisenbank's “Energy efficiency” loan are more favorable for individuals than other credit products and ways of financing. One of the main advantages of the loan is that borrowers will benefit from a grant of up to 20% of the loan amount upon completion of the works. The percentage of the grant will depend on the type of the project but the maximum amount that one family may receive will be EUR 850 or BGN 1 662. The resources for the grant scheme are provided by the Kozloduy International Decommissioning Support Fund and EU.
Borrowers of “Energy efficiency” loan will also receive a Visa Electron or Maestro debit card with no fee for issuing to receive their benefit on it. The clients have the possibility to apply for RaiCard credit card as well with no arrangement fee for the first year.
The maximum amount of the “Energy efficiency” loan is BGN 15 000 and the minimum – BGN 1 000 or their equivalence in Euro. The repayment period is from 1 to 5 years. The client has the possibility to choose a gratis period from 6 or 12 months. The interest rate is 11 per cent for loans in BGN and 10 per cent for loans in Euro. Raiffeisenbank gives the possibility of decreasing the interest rate with 1 per cent when transferring the monthly installment or salary on Bank’s account or if more than 50 per cent of the owners in a block applied for a loan and are eligible according the Bank’s criteria.
On June 30, 2005 – Raiffeisenbank (Bulgaria) EAD has received a EUR 10 mln loan from the EBRD to help finance private individuals’ efforts to promote energy efficiency and renewable energy projects.
Mr. Terry McCallion, Senior Banker at the EBRD, said that this loan is part of the first energy efficiency facility for residential customers provided by the EBRD and the associated donors; this Framework complements an existing facility, made available to Bulgarian banks last year, that targets energy efficiency and renewable energy in the corporate sector.
Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisen International operates the leading banking network in Central and Eastern Europe (CEE) with 15 network banks and 14 leasing companies. In approximately 950 business outlets more than 5.2 million customers are served in 16 markets of the region. Raiffeisen International is listed on the Vienna Stock Exchange, it is a fully consolidated subsidiary of RZB and the steering company for the RZB Group's subsidiaries in CEE. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's most powerful banking group.
“ENERGY EFFICIENCY” LOAN OF RAIFFEISENBANK (BULGARIA) EAD
Clients who want to apply for the Energy Еfficiency loan of the Bank can choose among the following options:
The client chooses the company for supplying/installment from a list that has signed a contract with the Bank for joint action and approved by EBRD consultants. The Bank transfers the sum of the loan on the account of the supplying/installment companies, after the approval of the project by the consultants and the signing of the loan contract with the client.
The client signs a contract for supplying/installment of materials/tools/equipment with a company that doesn’t have a contract with Raiffesenbank for joint action and is not in the list of EBRD consultants. The consultants and the Bank check only the purchased materials/tools/equipment. The Bank transfers the sum of the loan on the client’s account.
The Bank allows the option that the client is installing the purchased materials with his own labour. The Bank transfers the sum of the loan on the account of the client after the approval of the project from the consultants and the signing of the loan contract with the client.