GGF and Unicredit Bank Banja Luka boost energy efficiency financing with EUR 10 million loan facility

  • Credit line expands UniCredit's capacity for sustainable long-term EE project financing
  • Resulting EE subloans estimated to generate primary energy savings of at least 20%
  • Projected annual reduction of energy consumption to be over 37,000 MWh
  • Projected annual reduction of CO2 emissions to be over 30,860 tons
    (Note: It would take about 300 hectares of additional forest ten years to absorb 30,860 tons of CO2)

Luxembourg and Banja Luka, 28 February 2013 - The Green for Growth Fund, Southeast Europe (GGF, the Fund) and UniCredit Bank a.d., Banja Luka (UniCredit Banja Luka, the Bank) signed a EUR 10 million credit line to strengthen the Bank's lending capacity for energy efficiency (EE) projects at the retail and micro, small and medium enterprise (MSME) levels. This is the GGF's first loan to UniCredit Banja Luka.The loan facility, dedicated to EE projects, will enable UniCredit Banja Luka's private and business customers to invest in energy efficient equipment and upgrades. The range of projects financed includes the improvement of building envelopes, heating systems, heat distribution systems, and interior and exterior lighting systems as well as the conversion to natural gas and renewable energy utilization, and the installation of facilities or equipment for reducing energy consumption. This is a first specifically dedicated facility for the Bank and it is accompanied by a comprehensive technical assistance package for internal capacity building.
UniCredit Banja Luka's portfolio of EE subloans funded by the GGF's EUR 10 million loan is projected to achieve a minimum of 20% in primary energy savings. It is estimated that this will ultimately translate into annual energy savings exceeding 37,000 MWh and CO2 reductions of over 30,860 tons per year. To illustrate the green benefits: it would take about 300 hectares of additional forest ten years to absorb 30,860 tons of CO2 generated in one year.[1]
UniCredit Banja Luka is a member of the largest banking group in the country in terms of assets. The Bank serves all three key business sectors - corporate, public and retail - through a network of 39 branches and 450 employees.

"The GGF looks forward to working with UniCredit Banja Luka. The GGF credit line boosts the bank's ability to provide a broad customer base with sustainable long-term financing for EE projects. UniCredit Banja Luka's strong regional presence also enables us to maximize our outreach while making strides in lowering BiH's energy consumption," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.

"The GGF is a major and significant partner, and this cooperation strengthens and expands our credit offering. In addition to enabling us to propose financing to our clients for investing in environmentally more acceptable solutions when building and reconstructing privately-owned and business facilities, the GGF credit line opens new possibilities for the full range of projects in the area of electricity generation from renewable sources," said Siniša Adžić, Executive Director of Corporate Banking, UniCredit Bank Banjaluka, Bosnia and Herzegovina.

[1] *Source: 


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 Neighborhood 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 specialist energy service companies and energy service and supply companies as well as in small to large-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 German 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 investor base comprises donor agencies, international financial institutions and institutional private investors, and recently added the International Finance Corporation (IFC) and Netherlands Development Finance Company (FMO). 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:

* 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.


Since 1st June 2008 Nova Banjalučka Banka operates under the name of UniCredit Banka a.d. Banja Luka. Recognizable by its character, longstanding tradition, and the strong as well as positive image it enjoys among the public and its clients, UniCredit Bank a.d. Banja Luka is confirming the old and building new relations and contacts, following the principle: new Bank - old friends. Thanks to its clearly defined goals, hiring skilled and professional management team, dynamic business organization and its market orientation, - these factors are the hallmark of UniCredit Bank a.d. Banja Luka. Through continuous improvement of service quality and by creating products to meet the needs of a dynamic financial market, the bank has achieving significant results within a short period of time. Today, it is in a position to offer more and better services than ever to its customers - who are and always will be at the center of its business. UniCredit Bank a.d. Banja Luka bank is also fast becoming one of the leaders in the banking sector and a major driver of economic development in general. The bank currently operates through a network of 39 branches and 450 employees in the Republic of Srpska, one of two main political entities of Bosnia and Herzegovina.
UniCredit Group is the fourth-largest bank in Europe. By joining forces with HVB Group and UniCredit Bank Austria AG, a truly European bank was created.

For more information:,


Green for Growth Fund, Southeast Europe Christine Prütz
T: +49 (0) 69 9778 7650-22

Unicredit Banja Luka Communications Department
T: +387 51 243-200

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