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EBRD extends €25 m to Kosovo to support energy efficiency, sustainability
The European Bank for Reconstruction and Development (EBRD) extended a €25 million loan to the largest ferronickel producing company in Kosovo, NewCo Ferronikeli (“NFN”) to support energy efficiency and operational efficiency investments.
The financing will increase NFN’s competitiveness through efficiency measures such as the installation of an ore dryer, which will reduce both the length of time in the ore smelting process and the emission of particulates.
Implementing higher environmental standards and energy efficient investments will see the company’s greenhouse gas emissions decrease by an expected 38,615 tons of CO2 per year. The new measures set NFN out as a leader in the sector by demonstrating how modernization measures can contribute to a sustainable future for mining companies.
Established in 1989 and privatized in 2006, NFN is now Kosovo’s largest exporter. The company produces and exports about 7,000 tons of high quality nickel annually. It is one of the largest private employers in the country. NFN is majority-owned by Balfin, the largest private conglomerate group in Albania.
Samir Mane, founder and owner of Balfin says: “Balfin is proud to continue our long history of working with EBRD. We have now collaborated with EBRD in all of our key countries. The investments that we are doing in Ferronikeli will ensure that it remains a competitive nickel producer in the global economy and continues to provide substantial employment in Kosovo.”
Eric Rasmussen, EBRD Director, Natural Resources, says: “The EBRD is very pleased to support Balfin’s strategic investment to revive Ferronikeli, which is important for both Kosovo and the local community. The EBRD finance will help reduce energy costs and improve the quality of production, which should enable Ferronikeli to become a competitive exporter.”
The EBRD has invested over €395 million in Kosovo through 65 projects since it began operations in the country in 2012. Supporting competitive development of the private sector and enhancing energy security and sustainability are key priorities for the EBRD in Kosovo.
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