IFC and Ukraine Combine Efforts to Boost Green Finance in the Residential Housing Sector, Drive Sustainable Growth

In an effort to modernize residential housing and reduce greenhouse gas emissions in Ukraine, the IFC, Ukraine’s Energy Efficiency Fund, and Oschadbank (the country’s second largest bank) have created a three-way partnership. The consortium will help homeowners’ associations apply for grants and develop financial products to upgrade the energy efficiency of properties. The IFC’s advisory program will help Oschadbank provide loans that complement grants from the Energy Efficiency Fund, financed by the state budget and the €100mn Multi-Donor Trust Fund set up with the EU and Germany. Since the project’s inception, the Fund has received almost 600 applications for sustainability renovations with an estimated value of $165mn, and expects to commit grants of over $111mn to support investments that help over 51,000 families.