The Board of Directors of the European Bank for Reconstruction and Development (EBRD) decided to provide a loan of €7 million for implementing the project to modernize the Balti-based thermoelectric plant CET-Nord, IPN reports.

The information was made public in a news conference at the Ministry of Economy held on the occasion of the signing by the Moldovan Government and the EBRD of a contribution agreement on Moldova’s participation in the Eastern Europe Energy Efficiency and Environmental Partnership (E5P).

The cost of the project to modernize CET-Nord is €10 million. Another €3 million will be allocated in the form of a grant from the E5P. Among the projected results are the increase in energy efficiency and the improvement of the environment in Balti municipality.

CET-Nord supplies heat to about 80% of the residents of the municipality, which is 770 multistory houses. CET-Nord started work in 1956.