Under the EIB’s ambitions as the EU climate bank, the grant will help accelerate the green transition and decarbonisation of local and Western Balkan economy.
In line with the EU-led Green Agenda, the project will contribute to the security and diversity of the energy supply in the country.
Since the start of the COVID-19 crisis in February 2020, the EIB has unlocked €658 million in loans for Bosnia and Herzegovina and six grants to support the sustainable development of the country.
The European Investment Bank (EIB), the climate bank of European Union, will provide a €300 000 grant to Elektroprivreda Bosne i Hercegovine to conduct an environmental assessment of the Vlašić site of a new windfarm. This technical assistance will facilitate the construction of a 50 MW windfarm in the Travnik region, which will support the transition to renewable, secure and sustainable energy resources, as well as the decarbonisation of the local and Western Balkan economy. As the second grant signed for Bosnia and Herzegovina under the new branch EIB Global, it demonstrates the Bank’s determination to scale up its technical and financial support for addressing the country’s most urgent needs and green transition process.
More specifically, the EIB grant will help develop a biodiversity management plan outlining the management action to be taken in line with the highest EU environment protection practices. The funds are being provided under the EIB’s Economic Resilience Initiative (ERI), as part of the EIB’s and European Union’s response to the challenges in the Western Balkans by providing financial support for infrastructure and private sector development. Within the spirit of Team Europe, the project will be implemented under the Mutual Reliance Initiative (MRI), which provides enhanced expertise to make project preparation and financing more effective.
EIB Vice-President Lilyana Pavlova who is responsible for Bosnia and Herzegovina said: “This grant is another example of our unwavering support for the sustainable development of Bosnia and Herzegovina that stretches back over 40 years. The EIB’s technical support will accelerate the preparation of the project for the construction of a windfarm in Vlašić and its connection to the local energy grid. As a result of these efforts, the country will be able to strengthen its energy supply, increase power generation from renewable resources and reduce dependence on fossil fuels. Developing the infrastructure will generate numerous benefits for local communities and bring the country closer in line with the Green Agenda’s environmental goals for the Western Balkans.”
Director General of Elektroprivreda Bosnia and Herzegovina Admir Andelija said: “The project for building the Vlašić windfarm is one of the most important in the category of renewable energy sources which we intend to implement in the coming period. The aim of the project is to contribute to the production of electrical energy with no harmful emissions and to increase the share of renewable energy in the production portfolio of our company and for Bosnia and Herzegovina as a whole. It also contributes to climate action by reducing CO2 emissions, and gives positive impetus to sustainable economic and social development in Bosnia and Herzegovina.”
Under the Western Balkans Investment Framework, the EIB has already provided around €655 000 in grants. The funds are being used for developing the feasibility study for the construction of the Vlašić windfarm, including the implementation of initial measures, wind analysis, geographical research, research in the field of zero carbon emissions, the development of the study on the environment and social impact, and the preparation of tender documentation. Since the start of the COVID-19 crisis in February 2020, the EIB has unlocked €658 million in loans for Bosnia and Herzegovina and six grants to support the sustainable development of the country.
About the EIB in Bosnia and Herzegovina
The EU bank has been active in the territory of Bosnia and Herzegovina since 1977. To date, the EIB has invested over €3.2 billion, mostly in transport and small and medium enterprises. For more information regarding the EIB’s projects in Bosnia and Herzegovina, please refer to:
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
About Economic Resilience Initiative
The Economic Resilience Initiative (ERI) was created in 2016 in response to a call from the European Council. The objective of the initiative is to help shift patterns of migration in the medium to long term and provide support to forcibly displaced populations by increasing the resilience of economies to future shocks. The ERI is working towards this goal by mobilising finance to support growth, job creation, vital infrastructure projects and social cohesion in the European Union’s neighbouring regions. For more information please follow the link: https://www.eib.org/en/about/initiatives/resilience-initiative/index.htm
UCI has become the first Spanish financial institution to receive the European Local Energy Assistance (ELENA) programme for the development of its Residential Energy Rehabilitation (RER) project over the next three years.
The European Investment Bank (EIB) and UniCredit Bank Serbia (UniCredit) have officially launched a €30 million credit line aimed at supporting the employment, professional training and long-term retention of people from vulnerable social groups. These funds will enable UniCredit to on-lend to Serbian companies that are committed to improving the social impact of their businesses and creating long-term employment and entrepreneurship opportunities for women, young people and segments of the population that face higher entry barriers to the labour market. Representatives of the Government of the Republic of Serbia and the EU Delegation to Serbia attended the launch ceremony, expressing support for this kind of socially-oriented financial instruments.
The European Investment Bank is expected to strengthen backing for climate action, clean transport, renewable energy, healthcare, education, agriculture and business in Ireland, in addition to enhancing support to sectors such as energy efficiency and peatland’s rehabilitation, following the meeting of the Ireland-EIB Financing Group held at Department of Finance today.