EUR 2 million loan dedicated to on-lending for building improvements and equipment upgrades for micro agri-businesses

Energy Efficiency measures financed with the loan projected to result in annual primary energy savings of approx. 14,000 MWh and CO2 emission reductions of approx. 4,400 metric tons

Luxembourg and Banja Luka – The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, has partnered with Mikrofin to encourage energy efficiency measures among households and small agri-businesses in Bosnia and Herzegovina. The impact of the EUR 2 million loan will be enhanced through capacity building measures, enabling Mikrofin to develop and market a dedicated energy-efficiency lending product.

Mikrofin is the leading microfinance institution in Bosnia and Herzegovina providing loans to households, small agricultural producers and micro-entrepreneurs through its widespread branch network. As a partner, Mikrofin fits well with GGF’s mission as its portfolio of home improvement and expansion loans has significant potential for promotion of energy efficiency measures like insulation of walls and roofs, replacement of windows and lighting, and upgrade of household appliances. Mikrofin’s agri-business clientele offers further opportunities for promoting upgrades of small agricultural equipment which is also an effective energy efficiency measure.

“We are glad to have added this leading microfinance institution to the network of our partners in Bosnia and Herzegovina. Given Mikrofin’s outreach, this partnership will not only help small agri-businesses improve their energy efficiency but also cultivate awareness about the topic at the grassroots level, contributing to a demand for more energy-efficient equipment.” said GGF Chairman Olaf Zymelka. 

Lloyd Stevens, Director at GGF advisor Finance in Motion, added: “It is encouraging to see Mikrofin identify green lending potential in their portfolio and show the drive to capitalize on it. As the residential sector is one of the biggest consumers of energy in Bosnia & Herzegovina, we are confident that partnering with institutions like Mikrofin with a sizeable home improvement loan portfolio will enable GGF to have the desired impact on energy efficiency of homes in both urban and rural areas.”

“We believe in an open and innovative approach to business and consider the cooperation with the GGF a strong platform to improve the energy efficiency standards of homes  in BiH, which would help lower the energy bills and provide more comfortable living. We also appreciate GGF’s support in helping us raise awareness of the issues that can no longer be denied or ignored, such as the effects of climate change.” stated Mladen Bosnić, CEO and Director at Mikrofin.



The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners. 

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, Church of Sweden, and ASN Bank. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. 

For more information see and follow us on Twitter @GreenGrowthFund


Mikrofin has been a leader in the microfinance market in Bosnia and Herzegovina for the last 21 years. The current market share of Mikrofin, in terms of gross loan portfolio, is approximately 28%. Mikrofin extends its financial support to more than 57,000 clients, mainly low-income micro and small entrepreneurs. Mikrofin is the largest MFI in Bosnia and Herzegovina by most of the key outreach, portfolio and institutional indicators. 

On 31st December 2018 Mikrofin had total assets of around BAM 237 million (EUR 121 million), a gross loan portfolio of around BAM 193 million (EUR 99 million), and 76 offices throughout Bosnia and Herzegovina. The long-term objective of Mikrofin is to provide simple financial solutions on sustainable basis to non-banking clients.

For more information about Mikrofin, please visit:


Media contact GGF
Merle Römer
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171

Media contact MIKROFIN
Nataša Gvozdenović 
Head of PR & Marketing
Phone: +387 51 240 370