GGF €23 million financing to Komercijalna Banka to support energy efficiency investments in Serbia

Luxembourg and Belgrade, 24 May, 2012 - The Green for Growth Fund, Southeast Europe (GGF) signed a EUR 23 million loan agreement with Komercijalna Banka AD Beograd (Komercijalna Banka or the "Bank") today to fund the Bank's new energy efficiency loan program, which will provide private households, small and medium enterprises, corporations, public utility companies and municipalities in Serbia with access to long-term credit products for energy efficiency improvements.

Komercijalna Banka is one of the largest banks in Serbia in terms of assets and has the largest national branch network, which will help distribute the GGF financing throughout the country. By financing energy efficiency investments via the banking system in its target region, the GGF reaches a wide range of businesses in the private business sector as well as private households.

Komercijalna Banka will use the GGF financing to finance investments in energy efficiency projects, such as improvements to building envelope and the replacement of outdated production and heating equipment. This will help local businesses and private households reduce emission levels, energy consumption and costs.

It is envisaged that the GGF loan to Komercijalna Banka will result in total energy savings of 92,000 MWh per year and an annual reduction in CO2 emissions of 30,000 tons.

"We are delighted Komercijalna Banka is joining the GGF in promoting energy efficiency initiatives in Serbia. With this loan the GGF will help reduce the country's energy consumption while supporting businesses in Serbia in the use of highly efficient technologies as a means of improving competitiveness", said Dominique Courbin, Member of the GGF Board of Directors.

"The recently signed Agreement brings a new quality to the loan portfolio of Komercijalna Banka. It not only represents an increase in our lending capacity and diversification of the existing array of products, but is also a new step on the path the Bank has been treading for a long time, one of responsibility towards the environment and its preservation in what is probably the most important aspect of global preservation of the planet - energy efficiency," said Dragan Santovac, Deputy President of the Executive Board of Komercijalna Banka, on the occasion of signing the Agreement.


Initiated in December 2009 by the KfW Entwicklungsbank (The German Development Bank) and the European Investment Bank (EIB) with the financial support of the European Commission and the European Bank for Reconstruction and Development (EBRD), the Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering renewable energies in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia and Turkey. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households for energy efficiency projects. The GGF also invests directly in specialist energy service companies (ESCOs) as well as energy service and supply companies, and renewable energy projects. The activities of the GGF are supported by a Technical Assistance Facility. The GGF is a public-private partnership with an investor base comprised of donor agencies, international financial institutions and institutional private investors. The GGF is registered under Luxembourg law as a SICAV (variable capital investment company). The GGF is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and a technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.

For additional information about the Green for Growth Fund, Southeast Europe, please visit

* (This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence)


Komercijalna Banka AD Beograd was founded in 1970. With an established business base and a well-recognized national brand name, Komercijalna Banka is a universal bank that offers a full range of banking products and services to corporate clients, micro, small and medium-sized enterprises, as well as individual customers. It is one of the largest banks in Serbia with 900,000 customers and it operated the most extensive network across the country with 24 branches and 228 outlets. It is also the founder and 100% stake owner of Komercijalna Banka Budva in Montenegro with 16 branches and outlets. Komercijalna Banka also operates in Bosnia and Herzegovina through its local subsidiary Komercijalna Banka Banja Luka set up in 2006 with 17 branches and outlets. Two of the Bank's largest investors are the Government of Serbia (42.6%) and the European Bank for Reconstruction and Development (25%). For further information about Komercijalna Banka Beograd, please visit


Green for Growth Fund, Southeast Europe
Mr. Samir Djikić
Tel: +49 (0)69 9778 7650-26

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