|| Commercializing Energy Efficiency Finance (CEEF) is the scale up of International Finance Corporation's (IFC's) Energy Efficiency (EE) lending programs in Hungary, that was expanded to the Czech Republic, Estonia, Latvia, Lithuania and Slovakia. The objective of the program was to encourage Financial Intermediaries (FIs) to finance EE and Renewable Energy (RE) investments by partially guaranteeing their loans in this area, and by providing technical assistance. However local FIs were not lending for EE projects due to mostly small project and relatively high transaction cost, perception of high credit risks, and because FIs had little experience with energy efficiency project finance. In addition, there were few Energy Service Companies (ESCOs) developing the mostly small projects and those had limited skills and resources. Most project sponsors do not have the necessary skills and experience in preparing energy efficiency projects.