Global Environment Facility GEF
The Global Environment Facility was established in 1991 as a $1 billion pilot program to assist in the protection of the global environment and to promote environmental sustainable development through provision of grants and concessional funding to cover the costs associated with transforming a project with national benefits into one with global environmental benefits.
In 2004 Poland received a grant from the Global Environment Facility of USD 11 million for an Energy Efficiency Project. The GEF Energy Efficiency Project in Poland has the objective to increase public and private sector investments in energy efficiency in buildings in the territory of Poland. Bank Gospodarstwa Krajowego manages the project on a mandate from the Grant recipient - the Ministry of Economy.
A major part of the Project resources was designated to provide partial guarantees for the loans awarded for energy efficiency investments' implementation. Due to the low demand for partial guarantees from the energy efficiency market, the World Bank in agreement with the Ministry of Economy, decided to restructure the Project.
In August 2011, as a result of the restructuring, Project resources uncommitted under partial guarantee component, have been reallocated to a new Thermo-Modernization Grants component. The funds allocated to the new component provided the Thermo-Modernization and Refurbishment Fund with a PLN amount equal to USD 5.8 million.
The provision of GEF resources to the Thermo-Modernization Fund was executed by way of refinancing thermo-modernization bonuses disbursed from 1 January 2011 for the investments implemented exclusively in residential buildings (one-family, multi-family and collective dwellings).
The Project will close on 30 June 2012.
In 2004 Poland received a grant from the Global Environment Facility of USD 11 million for an Energy Efficiency Project. The GEF Energy Efficiency Project in Poland has the objective to increase public and private sector investments in energy efficiency in buildings in the territory of Poland. Bank Gospodarstwa Krajowego manages the project on a mandate from the Grant recipient - the Ministry of Economy.
A major part of the Project resources was designated to provide partial guarantees for the loans awarded for energy efficiency investments' implementation. Due to the low demand for partial guarantees from the energy efficiency market, the World Bank in agreement with the Ministry of Economy, decided to restructure the Project.
In August 2011, as a result of the restructuring, Project resources uncommitted under partial guarantee component, have been reallocated to a new Thermo-Modernization Grants component. The funds allocated to the new component provided the Thermo-Modernization and Refurbishment Fund with a PLN amount equal to USD 5.8 million.
The provision of GEF resources to the Thermo-Modernization Fund was executed by way of refinancing thermo-modernization bonuses disbursed from 1 January 2011 for the investments implemented exclusively in residential buildings (one-family, multi-family and collective dwellings).
The Project will close on 30 June 2012.
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