Additional funds for energy efficiency in Sebia

Government of Serbia has forwarded the draft Law on confirmation of the Agreement on additional financing of energy efficiency project between Serbia and International Development Association, which was signed on July 27, 2007, to the National Assembly to adopt it.

According to that Agreement, Serbia obtained the loan in amount of 13,300,000 EUR from International Bank for Rehabilitation and Development, and the Association agreed to extend the loan to Serbia in amount of 6.6m with special drawing rights (SDR), which is equivalent to 10m USD, under IDA terms, that is, without interest rate, with 10-year grace period.

Serbia will be repaying that loan on February 15 and August 15 every year, between August 15, 2017, and February 15, 2027.

The funds will be spent on the energy overhaul of public buildings in the health care, education and social care sector, introduction of the energy efficient and economic heating, quality conditions for work and stay in these buildings for personnel and users of the services, as well as transfer to ecologically cleaner fuels and reduction of emmission of carbon dioxide.

Also, the aim is improvement of functional and health environment of the users, as well as reduction of local and global influence on environment caused by use of unclean fuels for heating of facilities.

Energy efficiency project in Serbia is also realized from the development loan of the World Bank in amount of 14.1m SDR, which was signed on March 31, 2004.

Special drawing rights represent a calculation currency of the International Monetary Fund, and the exchange rate of this currency is calculated by means of basket of currencies that includes euro, dollar, Japanese yen and British pound.