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Detail of GEF Project #1541

GEF Project ID1541
IBRD PO ID506396
Funding SourceGEF Trust Fund
Project NameCommercializing Energy Efficiency Finance (CEEF) - Tranche I
CountryRegional
RegionEurope and Central Asia
Focal AreaClimate Change
Operational Program5
Pipeline Entry Date2002-03-05
Approval Date2002-05-17
CEO Endorsement Date2002-10-06
GEF Agency Approval Date2002-10-31
Project Completion Date2006-03-03
Project StatusProject Completion
Executing AgencyInternational Finance Corporation (IFC)
DescriptionThe project is a replication of the Hungary Energy Efficiency Co-financing Program. IFC will employ a contingent financing modality which uses GEF resources to leverage IFC and private capital. Under the Project, IFC will provide partial guarantees, and related credit enhancement mechanisms adapted to country market conditions, supporting the financing of energy efficiency (EE) projects by domestic financial institutions (FIs), as well as private project sponsors. IFC will serve as guarantor pursuant to guarantee facility agreements with participating local FIs. IFC resources will be combined with GEF funds as reserves supporting the guarantees. The Project includes a complementary technical assistance (TA) program to develop a pipeline of finance-ready EE projects and to build commercial capacities of EE businesses and participating FIs. The Project will mobilize local financial and EE industry resources and commercialize EE finance by engaging key parties -- FIs, EE and energy service company businesses and end-users -- to implement EE projects on commercial terms.
Implementation StatusCEEF became fully operational in March 2003 with the field implementation offices fully staffed and equipped. An internal launch workshop was held in Budapest where the new CEEF team had an opportunity to learn first hand about the implementation of HEECP. To date Guarantee Agreements have been signed in Latvia (2 banks and 2 leasing companies), Slovakia (1 bank) and Czech Republic (1 bank and 1 leasing company). Lithuania (2 banks) and a cooperative agreement in place in Estonia with 1 bank. Transactions completed in all markets with pipeline in place. CEO endorsement received on March 6, 2002.
GEF Project Grant
11,250,000 USD
GEF Grant
11,250,000 USD
Cofinancing Total
20,850,000 USD
Project Cost
32,100,000 USD
GEF Agency Fees
1,200,000 USD
GEF Project (CEO Endo.)
11,250,000 USD
Cofinancing Total (CEO Endo.)
20,850,000 USD
Project Cost (CEO Endo.)
32,100,000 USD
Project Documents

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