Facility for energy saving credits

NEFCO offers small scale financing for energy saving measures in municipally owned buildings such as schools, day-care centres, hospitals and sports facilities in municipalities in Belarus, Russia, Ukraine, Republic of Moldova, Armenia and Georgia.
Typical funded projects
● Heat sub-centrals renovation
● Installation of thermostatic valves
● Insulation of windows and doors in schools, day-care centres and hospitals

Can I apply for funding?
Yes, if you are a municipal actor and wish to improve conditions in social environments. See detailed project criteria below.

Project criteria
● Soft term loans to social objects
● Annual savings of approx. 25% of the investment cost
● Significant environmental effects shall be achieved
● Energy audit required before NEFCO's approval of the project
● Repayment directly tied to the savings of the investment
● Municipality or municipal company as borrower

Loan amount & payback period
The maximum loan amount granted from this Facility is the equivalent of EUR 500,000 in local currencies. The loan is provided in RUB in Russia or UAH in Ukraine. NEFCO can finance up to 90% of the project costs. The payback period of the  investment is up to 5 years. Project payback is calculated by dividing the total project cost with the anticipated annual cost savings generated from the project.

For additional information, please contact:

Republic of Moldova, Armenia, Georgia

ESC Programme Manager Aliona Fomenco by e-mail aliona.fomenco [at] nefco.fi (aliona.fomenco [at] nefco.fi) or by phone on +358 10 6180 647

Russia, Belarus

Chief Investment Adviser Vitaly Artyushchenko by e-mail at vitaly.artyushenko [at] nefco-ru.ru or by phone on +7 911 980 1723


Chief Investment Adviser Julia Shevchuk by e-mail at J.Shevchuk [at] nefco.org.ua or by phone on +380 50 358 3518