Podgorica, 11 February - The Green for Growth Fund (GGF) has established a partnership with Lovćen Banka, Montenegro by signing of loan agreement of EUR 3 million. This loan facility will enable Lovćen Banka to expand its green lending portfolio, providing dedicated financing to businesses investing in sustainable practices and smaller-scale renewable energy projects, boosting the region’s resilience and energy independence.
This partnership marks the engagement of a new investee for GGF, highlighting the fund's commitment to fostering new relationships. Additionally, this strategic deal expands GGF's investee partnerships within its mandate region, further solidifying its presence and impact in promoting sustainable development.
Simon Gupta, Chairperson of the Board said, "We are pleased to welcome Lovćen banka as a new partner. This investment aligns perfectly with our goals on climate action and sustainable development. By supporting businesses in their efforts to adopt greener practices and renewable energy solutions, we are making meaningful strides towards a more sustainable future."
“It is our pleasure to join the mission of Green for Growth Fund. By stipulating the cooperation with GGF, Lovćen banka will enhance the efforts in supporting sustainable development of businesses in Montenegro helping them to continue with developing green solutions and improving the renewable energy projects.” – said Mr Milos Miketic, President of the Board of directors in Lovćen banka.
ABOUT THE GGF
The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF’s advisor. For more information on the Green for Growth Fund, please 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 Lovćen Banka
Lovćen banka directs significant efforts towards the improvement of small and medium business in Motenegro. We work closely with our clients ensuring the best tailormade solutions to support their business and development. Establishing the long-term relationships and quick decision-making, are precisely the values that our clients appreciate and recognize as our comparative advantage in the market.
Media contact GGF
Nusha Westhoff
Director Marketing & Communications
Mobile: +49 69 271 035-789
Email: press@ggf.lu
Media contact Lovćen Banka
Slađana Radović
Head of Marketing and Communications
Phone: +382 67 99 40 04
Email: sladjana.radovic@lovcenbanka.me