Belgrade, 09 January - The Green for Growth Fund established a partnership with AIK Banka, Serbia, to expand its green lending portfolio by providing dedicated financing to businesses investing in sustainable practices and renewable energy projects.
GGF has approved a loan of EUR 40 million that is eligible for minimum requirement for own funds and eligible liabilities (MREL) to support AIK Banka’s green lending products. The use of proceeds will primarily support expansion of renewable energy to meet growing energy demands with the goal of decarbonizing the economy, which is a key measure in GGF’s portfolio contributing to meaningful long-term impact.
Simon Gupta, Board Chairperson, stated, “It is our pleasure to establish this partnership with AIK Banka with a substantial investment which strengthens our commitment to renewable energy initiatives in Serbia. This partnership aims to drive advancements in renewable energy and contribute to a greener economy.”
Borislav Kostadinov, Fund Director noted, “This strategic partnership with AIK Banka is a key step towards fostering a long-term transition toward a greener economy and energy independence in Serbia. The Fund also provides capacity building and advisory services to our investees which is integral to our vision of building a green finance ecosystem in the region.”
Petar Jovanović, CEO of AIK Banka, stated: “Energy sustainability is a topic of high interest for global community. I am proud that through this strategic partnership with GGF, AIK Banka is empowering local businesses to play an active role in building a greener economy.”
ABOUT THE GGF
The Green for Growth Fund (GGF) invests in measures to reduce energy use, CO2 emissions, and improving resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East, and North Africa. It finances renewable energy projects, corporates, municipalities, and financial institutions, supported by its Technical Assistance Facility.
Initiated in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission and more institutions, the GGF includes a diverse investor base of donor agencies, international financial institutions, and private investors. Finance in Motion GmbH and MACS Energy & Water GmbH provide advisory services. For more information, visit www.ggf.lu.
About Finance in Motion
Finance in Motion structures, manages, and advises almost €4 billion across 9 funds, all classified as Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building. Founded in Germany, with local expertise from Latin America to CEE, it has been investing in emerging markets for over 15 years.
www.finance-in-motion.com
About AIK Banka A.D.
AIK Banka, a member of the regional Agri Europe Cyprus Group, is one of the fastest-growing banks in Serbia, offering a comprehensive range of services to individuals, businesses, and the public sector through a universal approach.
As a bank that is continuously evolving and expanding, we are committed to providing digital services, fostering constant innovation, and supporting our clients by delivering services and benefits synonymous with modern banking. Our goal is to be the first choice for all clients, anytime and anywhere. Furthermore, we actively support local communities, contributing to the improvement of living and working conditions across all areas.
AIK Banka's business network includes 62 branches across 37 cities in Serbia, one of the largest ATM networks in the country with over 400 locations, and more than 1,000 employees within the Bank's system.
Media contact GGF
Nusha Westhoff
Director Marketing & Communications
Mobile: +49 69 271 035-789
Email: press@ggf.lu
AIK Banka A.D.: Gordana Purić
Head of Communications
M: +381 66 8654 298
gordana.puric@aikbanka.rs