OREANDA-NEWS. Eurasian Development Bank (EDB) and Alfa Bank signed an agreement to finance projects aimed at reducing energy consumption by enterprises and ensuring the efficient use of resources in Belarus. The agreement was signed by Dmitry Krasilnikov, Deputy Chairman of the Management Board at EDB, and Igor Katibnikov, Chairman of the Management Board at Alfa Bank.

In accordance with the agreement EDB will provide USD 10 million for three years. Alfa Bank will provide sub-loans to its clients, which meet the criteria approved by EDB, to finance energy and resource efficiency projects.

"This is EDB's first energy saving project in Belarus. We believe that, in addition to reducing energy consumption and improving the efficiency of use of energy and resources, the project will foster the development of the financial system because it proposes a new banking product," says Dmitry Krasilnikov. "The project will also help to improve the environmental situation in the country because it will use environmentally safe sources of energy and thereby reduce greenhouse gas emissions."

Finance is provided in the framework of EDB's Programme for the Improvement of Energy Efficiency in the Member States by the Providing Targeted Loan Facilities to Financial Institutions. In accordance with the Bank's strategy, energy efficiency programmes of its member states are among its investment priorities.