GGF BOOSTS ENERGY EFFICIENCY IN BALKANS WITH EUR 5 MILLION INVESTMENT IN PARTNER MCF
• Energy efficiency measures financed through loan projected to result in annual primary energy savings of 41,000 MWh and CO2 emission reductions of 12,400 metric tons per year
Luxembourg and Tuzla, 6 July 2017 – The Green for Growth Fund (GGF) has contributed toward energy efficiency and environmental protection in the Balkan region through a new EUR 5 million senior loan investment in Bosnia and Herzegovina’s Partner Microcredit Foundation (Partner MCF).
The third largest microcredit institution in the country, Partner MCF provides microloans predominantly to rural customers for home insulation purposes in local communities. Bosnia and Herzegovina has high potential for energy efficiency improvements, with energy intensity almost 40% higher than in other Western Balkan countries – more than twice the EU average. The loan from the GGF will go toward financing energy efficiency measures that are projected to result in annual primary energy savings of approximately 41,000 MWh, reducing CO2 emissions by 12,400 metric tons per year.
GGF Chairman Olaf Zymelka said: “The GGF has enjoyed a longstanding collaboration with Partner MCF since 2012, when it became the fund’s first microcredit partner institution. This investment will greatly advance the GGF’s mission to boost energy efficiency and renewable energy in Southeast Europe.”
“Partner was the first microcredit foundation from Bosnia and Herzegovina to cooperate with the GGF six years ago with the goal of promoting energy efficiency. Our activities in financing energy measures for individual housing units have had a significant impact on energy savings in Bosnia and Herzegovina. To date, Partner MCF has extended over EUR 12 million for energy efficiency, which was used to finance nearly 5,000 individual projects. Having invested in energy efficiency, Partner has supported significant energy savings in Bosnia and Herzegovina and contributed positively to CO2 reductions in the country,” explained Mr. Senad Sinanovic, Director of Partner MCF.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency 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.
ABOUT PARTNER MCF
Partner Microcredit Foundation (Partner MCF), which has successfully engaged in providing microcredit services for more than 20 years in Bosnia and Herzegovina, has its head office located in Tuzla and operates through 60 branches across the country. Partner MCF provides loans for various business activities with a focus on rural areas and agriculture. In addition to loans for business purposes, Partner MCF provides loans for housing and other needs of households and special loan products for energy savings and solar energy collectors. For more information, please visit: www.partner.ba
Media contact GGF
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171
Media contact Partner MCF