Additional Financing Belarus Energy Efficiency Project

This Project Paper seeks the approval of the Executive Directors to provide an additional loan in the amount of US$90 million to the Republic of Belarus for the Energy Efficiency Project. The proposed additional loan would help finance the costs associated with scaled-up activities to increase the energy saving impact of the project. The project has disbursed 40% of the original loan and is now being implemented at a fast pace, such that the development objective is expected to be met a year ahead of schedule. All conditions outlined in OP10.00 for additional financing have been met. Other proposed changes include increasing the financing percentage from 80% to 100%. Expected outcomes of investments on two additional combined heat and power (CHP) plants proposed to be financed with the additional financing are an additional 54 megawatts of electric capacity and 46,700 thousand cubic meters (tcm) of gas saved, increasing current outcome indicator targets by 60% and 53% respectively