Kosovo has clinched a deal with the World Bank for the $31 million Kosovo Energy Efficiency and Renewable Energy Project (KEEREP). The project intends to lower energy consumption and fossil fuel use in public buildings, the Bank said in a statement posted on its website.

Kosovo will get support from the World Bank in the implementation of its energy strategy and improvement of the policy as well as regulatory environment for renewable energy and energy efficiency.

The government, which inked the deal with the Bank, is expected to benefit from the project via reduced energy expenditures and a renovated building stock. The private sector will also benefit from an enhanced regulatory environment, which is expected to help faster licensing and easier market entry for renewable energy companies, the World Bank said.

“A modern energy sector generating reliable, affordable and cleanest possible electricity is indeed Kosovo’s most urgent priority,” World Bank Country Director Ellen Goldstein said. “Using available energy more efficiently and encouraging the development of renewable sources represent two central pillars of Kosovo’s comprehensive energy strategy,” she added.

This is an extract of an article by neurope.eu