The European Bank for Reconstruction and Development (EBRD) agreed to provide a loan of up to €50m (£36.4m) to Polish leasing company BZ WBK Lease, in order to support investments in sustainable energy projects of local small and medium-sized enterprises (SMEs).

EBRD wrote:"The Polish economy remains highly energy and carbon intensive. Improving energy efficiency is one effective response to this problem. Although the majority of local SMEs recognise the importance of reducing energy costs, only one third undertake energy savings.

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To help address this challenge, the EBRD launched the Polish Sustainable Financing Facility (PolSEFF) programme in 2010 which was later expanded to include leasing operations.

The EBRD funds for this new loan to BZ WBK Lease, provided under the PolSEFF Leasing programme, will be used to purchase sustainable energy equipment which will then be leased to eligible enterprises.

Noel Edison, director of insurance and financial services at the EBRD, said: "We are very pleased to extend this new credit line to BZ WBK Lease, a long-standing partner of the EBRD. As the global economic climate remains challenging, cost reduction related to energy expenses remains critical for companies to succeed. This is especially true for the large Polish SME sector. With our facility the EBRD is able to address the needs of this vibrant and vital segment of the Polish economy."

Tomasz Jader, vice president of BZ WBK Lease, said: "Being an eco-conscious company, as well as one of the biggest on the leasing market, we want to support Polish SMEs with capital that promotes energy efficiency. That is why we cooperate with the ERBD and are financing environmentally-friendly machinery and equipment."

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The EBRD is one of the largest investors in Poland, with more than €7.6 billion invested in the country since the Bank’s start of operations there in 1991.