Luxembourg and Lviv, 17 April 2024 – Marking a significant milestone in their longstanding partnership, the Green for Growth Fund (GGF) and the Development Bank of Austria (OeEB) have announced a new investment of €19.8 million. This recent transaction underscores a decade of collaborative efforts in promoting sustainable development and combating climate change in Southeast Europe.

The €19.8 million investment by OeEB, its fifth transaction with GGF, replaces the initial agreements signed 10 years ago, set to expire at the end of March 2024. Through these collaborative efforts, OeEB has channeled almost €70 million into climate protection measures via GGF, a testament to their shared commitment to environmental sustainability. This investment is fully aligned with the Austrian climate targets, demonstrating both organizations' strategic focus on climate protection and sustainable finance.

Reflecting on the transaction, Christopher Knowles, Chairperson of GGF, remarked, “This latest investment from OeEB not only celebrates a decade of partnership but also reinforces our joint mission towards a greener future. Together, we have made strides in energy efficiency and renewable energy that resonate beyond borders, setting a benchmark for sustainable development. We look forward to continuing this journey with OeEB, amplifying our efforts in the fight against climate change.”

Borislav Kostadinov, Fund Director at GGF, added, “The extension of our partnership with OeEB through this significant investment is a testament to the enduring strength and mutual benefits of our collaboration. Over the past decade, we have collectively fostered sustainable economic growth and environmental stewardship in Southeast Europe. This continued partnership will further propel our shared vision for a sustainable future, highlighting our commitment to innovative climate solutions.”

Sabine Gaber, Member of OeEB’s Executive Board, emphasized the alignment of this partnership with their green finance strategy, stating, “This most recent investment not only marks OeEB’s fifth transaction with the GGF but also the 10th anniversary of our partnership. OeEB and GGF first joined forces in 2014 to support energy efficiency and renewable energy projects in Southeast Europe. With our new strategy, we have placed an even greater focus on green finance and measures to fight climate change. We are therefore very pleased to continue our successful partnership with GGF, who shares these goals and is committed to building a more sustainable future.”

About the GGF
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 OeEB
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects. For more information, please visit

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

Media contact OeEB
Verena Kastner
Corporate Communications
Phone: +43 1 533 1200-2993