|| Commercializing Energy Efficiency Finance (CEEF) is a regional partial credit guarantee program co-funded by IFC and the Global Environment Facility (GEF) active in Hungary, the Czech Republic, Slovakia, Latvia, and Lithuania. To date, the program has issued guarantees for €93 million in commercial loans for energy efficiency transactions across multiple sectors. A substantial part of this portfolio (€33 million) is committed to a multi-family housing renovation program with Raiffeisen Bank in Hungary under which more than 500 small block house renovations have been completed since February 2006. To date, no defaults have been recorded. Currently we estimate that the bank has the potential to continue to disburse some €50 million in new loans each year for the next 3−5 years in this segment.