• Investment of RSD 1.76 billion (equivalent of EUR 15 million) to support a green recovery amid the ongoing Covid crisis

• Partnership between the GGF and UniCredit Bank Serbia marks GGF’s first local currency transaction in Serbia


Luxembourg and Belgrade, 06 December 2021 – The Green for Growth Fund (GGF) has joined forces with UniCredit Bank Serbia by providing a loan in Serbian dinar equivalent to EUR 15 million to support Serbia’s green recovery during the COVID-19 crisis.

This partnership marks the fund’s first local currency transaction in Serbia. Enhancing access to local currency financing empowers end-borrowers to invest in their future without facing the risk of exchange rate fluctuations that could negatively impact their cash flows.

During the signing ceremony, Christopher Knowles, GGF Board Member said: “We are pleased to strengthen our strategic partnership with UniCredit Bank Serbia, a well-established market leader. Local currency lending is a key component of responsible finance, as it protects unhedged borrowers from exchange rate risk. As an impact investment fund focused on mitigating climate change and promoting sustainable economic growth, the GGF is keen to advance the practice of local currency financing in Serbia and the region overall. That is why we are pleased to be furthering our relationship with UniCredit Bank, especially during the ongoing pandemic.”

Since 2016, UniCredit Bank Serbia and the GGF have partnered together with the goal to finance renewable energy projects and green mortgages. UniCredit Bank Serbia, one of the most important banks in Serbia and part of the successful pan-European banking group, is a strong partner for the GGF with its systemic role in the Serbian economy and financial system. 

“We are proud that UniCredit Bank Serbia is a partner of the first Green for Growth Fund transaction in local currency on the Serbian market. This transaction is a great indicator that some of the most important and innovative financial institutions like the GGF rely on our expertise. Besides that, this partnership proves that UniCredit Bank Serbia is a reliable partner and one of the local leaders in financing renewable energy projects,” said Nikola Vuletić, UniCredit Bank Serbia CEO.

Joint conclusion was that only strong cooperation of financial institutions can lead a society towards a green transition. Such cooperation opens the possibility to improve overall energy security and consumption of renewable energy in Serbia and the region.