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Detail of GEF Project #111

GEF Project ID111
IBRD PO ID502220
Funding SourceGEF Trust Fund
Project NameEnergy Efficiency Co-Financing Program
CountryHungary
RegionEurope and Central Asia
Focal AreaClimate Change
Operational Program5
Approval Date1996-04-01
CEO Endorsement Date1997-05-11
GEF Agency Approval Date1997-03-03
Project Completion Date2006-06-20
Project StatusProject Completion
Executing AgencyInternational Finance Corporation
DescriptionTo 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 StatusWith 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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