GGF AND PROCREDIT BANK SERBIA TO SUPPORT GREEN LENDING
- ProCredit Bank joins GGF’s network of partner institutions
- EUR 20 million credit facility will support EE loans to agricultural producers, SMEs and households, contributing to overall reduction of energy consumption
- ProCredit Bank to also finance small-scale renewable energy projects
Frankfurt and Belgrade, 4 August 2015 - The Green for Growth Fund, Southeast Europe (GGF) and ProCredit Bank Serbia have entered into a new partnership to support green lending in Serbia.
ProCredit Bank is the country’s market leader in terms of energy efficiency (EE) lending with a strong focus on agricultural and small and medium enterprise (SME) lending. The EUR 20 million senior loan provided by the Fund to the Bank will serve to further expand this business line while keeping a strong emphasis on replacing energy-inefficient machinery, such as agricultural equipment and processing machinery. In addition, the loan will serve to finance renewable energy (RE) projects.
“With its strong position in green lending to the agricultural and SME sectors, ProCredit Bank is a great addition to our network of partner lending institutions,” said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. “ProCredit Bank is also the Fund’s first partner in Serbia for financing RE projects, an essential component in the greening of the Serbian economy.”
“At ProCredit Bank, responsibility means providing high quality services and, above all, a thorough credit analysis. But responsibility does not stop there. We believe that responsibility extends to our mutual surroundings, which should be preserved for the generations to come. The active promotion of environmental protection and energy efficiency standards plays a crucial role, along with favourable credit support, in enabling clients to achieve those standards and make their own contribution to the environment,” said Igor Anić, a member of the Executive Board of ProCredit Bank.
About the Green for Growth Fund, Southeast Europe
The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund’s investment activities, the GGF’s Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, such as the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), 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 the technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany. For more information: www.ggf.lu
* 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.
About ProCredit Bank Serbia
ProCredit Bank is a development-oriented commercial bank. We offer excellent customer service to small and medium enterprises and to private individuals who would like to save. In our operations, we adhere to a number of core principles: We value transparency in our communication with our customers; we do not promote consumer lending; we strive to minimise our ecological footprint; and we provide services which are based both on an understanding of each client’s situation and on a sound financial analysis.
For more information, please visit www.procreditbank.rs .
Media contact GGF
Phone: +49 (0)69/977 876 50-22
Media Contact ProCredit Bank Serbia
Head of Marketing and Banking Service Department
T: +381 11 331 7642
M: +381 62 501 298