Development of a Special Purpose Vehicle (SPV)
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Pilot Project Investments in Energy and Water Efficiency
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Development of a Sustainable ESCO Industry
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Signature Project
Turkish Cypriot of Community – Resources Efficiency Achievement Project
As part of the USG’s Cyprus Partnership for Economic Growth (CyPEG) program CORE International, Inc. implemented the "Resource Efficiency Achievement Program” (REAP). The overall aim of the CyPEG program is to improve the economic situation in the Turkish Cypriot Community (TCC), which should lead to better prospects of successful reunification between both parts of the Island. CORE International’s planning and implementation tasks were as follows:
* Improve the Energy and Water resource utilization of Small and Medium Enterprises (SME’s), in order to reduce their costs and hence make them more competitive both with imports in the domestic markets, and to help them export
* Develop an ESCO industry and create innovative financing strategies to spur SME investment in water, energy, and agriculture industry
* Develop institutional arrangements and business linkages to forge sustainable SME development across the island
Project Activities and Approach:
* Developed regulations and cost-reflective tariffs to provide incentives to the SMEs to make investments
* Developed a framework for the establishment of an ESCO industry, created over 30 ESCOs, and established an Association of ESCOs in order to create energy/water sector investments leading to investments in the tourism and agriculture sectors
* Developed and implemented a Special Purpose Vehicle (SPV) for the TCC Development Bank to finance SMEs with simplified regulations and low-interest and long-duration loans. Total loans in 2008 to the SMEs amounted to US $30 million with an average loan being $80,000.00
* Financed 26 pilot investment projects funded under the USAID program and developed a program for banking sector reform involving 12 commercial banks to create a financing facility to replicate these investments across the island
Turkish Cypriot of Community – Resources Efficiency Achievement Project
As part of the USG’s Cyprus Partnership for Economic Growth (CyPEG) program CORE International, Inc. implemented the "Resource Efficiency Achievement Program” (REAP). The overall aim of the CyPEG program is to improve the economic situation in the Turkish Cypriot Community (TCC), which should lead to better prospects of successful reunification between both parts of the Island. CORE International’s planning and implementation tasks were as follows:
* Improve the Energy and Water resource utilization of Small and Medium Enterprises (SME’s), in order to reduce their costs and hence make them more competitive both with imports in the domestic markets, and to help them export
* Develop an ESCO industry and create innovative financing strategies to spur SME investment in water, energy, and agriculture industry
* Develop institutional arrangements and business linkages to forge sustainable SME development across the island
Project Activities and Approach:
* Developed regulations and cost-reflective tariffs to provide incentives to the SMEs to make investments
* Developed a framework for the establishment of an ESCO industry, created over 30 ESCOs, and established an Association of ESCOs in order to create energy/water sector investments leading to investments in the tourism and agriculture sectors
* Developed and implemented a Special Purpose Vehicle (SPV) for the TCC Development Bank to finance SMEs with simplified regulations and low-interest and long-duration loans. Total loans in 2008 to the SMEs amounted to US $30 million with an average loan being $80,000.00
* Financed 26 pilot investment projects funded under the USAID program and developed a program for banking sector reform involving 12 commercial banks to create a financing facility to replicate these investments across the island
