GGF AND MCF SUNRISE SUPPORT ENERGY EFFICIENCY IN THE MICROFINANCE SECTOR IN BOSNIA AND HERZEGOVINA
• A new senior loan of EUR 1.5 million will support energy efficiency measures and raise awareness of energy efficiency in the country
• EE measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 5,500 MWh and CO2 emission reductions of approx. 2,100 metric tons
Luxembourg and Sarajevo, 19 February 2018 – The Green for Growth Fund (GGF) has provided a 1.5 million senior loan to MCF Sunrise Sarajevo (MCF Sunrise) in Bosnia and Herzegovina. This is the fund’s second partner in the Bosnian microfinance sector and through MCF Sunrise’s expanding network extends the GGF’s outreach to new regions for investments in the residential, agriculture and MSE sectors.
MCF Sunrise has a strong focus on low income entrepreneurs and micro and small businesses in urban and semi-urban areas of the country, offering the fund an opportunity to deepen its outreach in the microfinance sector. The loan will be used to finance a new energy efficiency loan product for MCF Sunrise’s clients through its 43 branches located throughout the country. Along with supporting MCF Sunrise’s growth in rural regions and ambitions to educate its clients on energy efficiency measures and benefits, planned internal capacity building and marketing supporting will be provided through the fund’s Technical Assistance Facility.
GGF Chairman Christopher Knowles stated: “We are pleased to support energy efficiency investments in the microfinance sector in Bosnia and Herzegovina by partnering with MCF Sunrise. Through this loan, the GGF will support the acceleration of investments in energy efficiency and raise market awareness among micro entrepreneurs and small businesses in Bosnia and Herzegovina.”
MCF Sunrise Director Samir Bajrović stated: “We are extremely pleased that our organization is recognized by the GGF as a reliable partner in providing the necessary funding that will support the implementation of energy efficiency measures to microcredit clients in Bosnia and Herzegovina. Our organization is committed to continuously support programs and activities resulting in the reduction of energy poverty, improvement of air quality and reduction of CO2 emissions, and we are certain that through this project we will secure better living standards for our clients.”
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ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. 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, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
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ABOUT MCF SUNRISE SARAJEVO
Microcredit Foundation “Sunrise” (MCF Sunrise) was established in 1996 (within the framework of the World Bank’s Local Initiatives Project) and ever since it has been performing microlending activity in the territory of Bosnia and Herzegovina. MCF Sunrise operates through its seat in Sarajevo and the network of 44 branch offices and is present in all major towns and rural settlements in Bosnia and Herzegovina providing services tailored to the needs of the clients. MCF Sunrise is committed to providing microfinance solutions to its clients and continuously enhances its competencies in this area.
MCF Sunrise is providing micro-loans for small scale manufacture and production sector, agriculture, trade, services and additionally is offering housing and energy efficiency loans and other loans for improving standards of household’s members.
For more information visit www.microsunrise.ba
Media contact GGF
Manager, Marketing & Communications
Tel: +49 (0)69 271 035-171
Media contact MCF Sunrise Sarajevo
Marketing & Communications
Tel: +387 61 132 051