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Detail of GEF Project #111
| GEF Project ID | 111 |
| IBRD PO ID | 502220 |
| Funding Source | GEF Trust Fund |
| Project Name | Energy Efficiency Co-Financing Program |
| Country | Hungary |
| Region | Europe and Central Asia |
| Focal Area | Climate Change |
| Operational Program | 5 |
| Approval Date | 1996-04-01 |
| CEO Endorsement Date | 1997-05-11 |
| GEF Agency Approval Date | 1997-03-03 |
| Project Completion Date | 2006-06-20 |
| Project Status | Project Completion |
| Executing Agency | International Finance Corporation |
| Description | To overcome critical financing barriers to investments in energy efficiency (EE) in Hungary and to promote local EE markets and capacity, the project will create an EE co-financing program to facilitate and leverage private sector capital (including domestic bank capital and credit lines with international financial institutions) for EE investments. In addition to technical assistance, it will provide partial credit guarantees, whereby funds would be reserved to cover the guarantee liability, and medium- to long-term co-financing loans, targeting three subsectors: lighting, district heating and industrial motors and processes. The project will reduce credit risk on EE financing for eligible local financial intermediaries, facilitate longer term financing terms, provide targeted technical assistance, and reduce transaction costs borne by project participants. |
| Implementation Status | With the pilot stage HEECP completed, IFC's Board approved (2/01) an additional $12 million investment in an extended HEECP guarantee facility. Combined with $4.25 million in uncalled guarantee resources from HEECP, the ($16.25 million) HEECP2 facility will be executed by 6-8 Hungarian FIs, including both commercial banks and leasing companies. HEECP2 will finance up to $90 million in private sector energy efficiency investment. 11/02 GEF endorsement received for a supplemental $700,000 (MSP) grant to leverage an expanded $1.1 million. Technical Assistance and program administration effort to complement the expanded guarantee facility. HEECP2 extends the original program by nine years. |
| GEF Project Grant | 5,000,000 USD |
| GEF Grant | 5,000,000 USD |
| Cofinancing Total | 20,000,000 USD |
| Project Cost | 25,000,000 USD |
| Project Documents |
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