• The GGF board meeting in Skopje in September served to reaffirm the fund’s commitment to the energy independence agenda in North Macedonia and throughout the region

• GGF board included a meeting with local and regional partners and a visit to the Bogoslovec wind farm, the fund’s first equity investment in renewable energy infrastructure, which once complete, will power over 20,000 households in North Macedonia and result in 80,000 tons of CO2 emissions reductions annually

GGF Board meeting with the National Bank of the Republic of North Macedonia led by Governor Anita Angelovska Bezhoska.

Luxembourg and Skopje 25 October, 2023 – The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, held its most recent Board of Directors meeting in Skopje, North Macedonia, in the heart of Southeast Europe, one of the fund’s core regions. Since its inception in 2009, the GGF has invested more than EUR 1.5 billion in its target markets, including more than EUR 50 million in North Macedonia with key partner institutions, i.e., local banks, to help drive the country's sustainable energy transition forward.  Investments facilitate the funding of energy efficiency (EE) measures for businesses and private households, as well as renewable energy (RE) projects directly supplying the country’s grid. The 72 technical assistance projects supported by the GGF Technical Assistance Facility (26 of which are ongoing), multiply the fund’s impact, specifically in building green finance capabilities at the sector and lender levels. GGF investments have so far resulted in estimated primary energy savings of more than 230,000 MWh and emissions reductions of over 65,000 tCO2, both annualized.

The GGF Board took the opportunity to visit Bogoslovec, a greenfield, 8-turbine, 36MW wind farm in North Macedonia. Bogoslovec is the first privately developed wind project in North Macedonia and once complete, the wind farm will be directly aligned with GGF’s sustainable investment objective of simultaneously supporting the country’s – and the region’s – broader goal of accelerating the climate transition and achieving energy independence through renewables.

Christopher Knowles, Chairperson of the GGF, said, “Our investment came at a pivotal juncture and demonstrates GGF’s agility as a highly innovative blended finance vehicle, underscoring a key pillar of our strategy to serve as a platform for collaboration, where 2+2 equals 5. Bogoslovec is a lighthouse project for utility-scale renewable energy infrastructure, showcasing what is possible when the public and private sectors come together.” Looking forward, the GGF, with the support of its advisor Finance in Motion, remains steadfast in its commitment to fostering energy security, environmental sustainability, and innovation in North Macedonia and the neighbouring region.

The Board of Directors also met with the Governor of the National Bank of the Republic of North Macedonia, which is increasingly emphasizing climate risk management within the financial sector. Governor Anita Angelovska Bezhoska stated “This month, we have adopted our first medium-term climate risk strategy to set a comprehensive and consistent framework and drafted guidelines for banks, which are currently being discussed with the banking industry. As our green finance statistics reveal, banks have significantly amplified their support, with green loans doubling in the past four years. While this surge is noteworthy, it is equally essential to recognize the pivotal role played by global institutions, particularly the Green for Growth Fund. For emerging economies with high investment needs and limited domestic savings, the path to sustainability relies heavily on such strong support.”



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 such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. 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, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.

For more information on the Green for Growth Fund, see and follow us on X @GreenGrowthFund


About Finance in Motion  

Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities.


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Media contact GGF 

Louise Daruwalla-Nielsen
Marketing & Communications
Phone: +352 691 336 439