GGF ENTERS TUNISIAN GREEN ENERGY MARKET WITH EUR 10 MLN LOAN TO TUNISIE LEASING
- Tunisie Leasing becomes second GGF partner in fund’s Middle East and North Africa expansion
- Energy efficiency measures financed with the GGF loan are projected to save 45,000 MWh annually and reduce CO2 emissions by 12,500 metric tons a year
Luxembourg and Tunis, 15 November 2016 – The Green for Growth Fund (GGF) today announced a EUR 10 million senior loan to Tunisie Leasing, the fund’s first investment in Tunisia following its recent expansion into North Africa and the Middle East.
Tunisie Leasing is Tunisia’s largest leasing company and serves approximately 16,400 customers through 10 branches. The company plans to on-lend the GGF financing for measures that support renewable energy and reductions in power use throughout the country. The fund’s technical assistance facility is also providing the company with energy assessment services and finance training focused on solar power.
GGF Chairman Christopher Knowles said: “We are honored to announce the second transaction of our expansion into the Middle East and North Africa. By selecting Tunisie Leasing, we have found an outstanding local partner to help us bring our proven technique for financing energy efficiency measures to even more end-clients in yet another country.”
Tunisie Leasing CEO Fethi Mestiri said: “We are very happy to begin this partnership with the Green for Growth Fund. This line of financing is an opportunity for Tunisie Leasing to contribute to the promotion of energy efficiency in Tunisia’s small and medium enterprise sector and to help develop renewable forms of energy. This first transaction will certainly be followed by many more.”
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 in small to midsize 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, and the European Bank for Reconstruction and Development. 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 Austrian development bank OeEB, the German ethical bank GLS and Church of Sweden. Finance in Motion GmbH, Frankfurt am Main, Germany serves as the GGF’s advisor, and the fund is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
About Tunisie Leasing
Founded in 1984, Tunisie Leasing is a diversified financial services group, specializing in three lines of business: Leasing, Factoring and Fleet Management (operational leasing). Tunisie Leasing is the market leader in Tunisia. Apart from its core business activities, the group has various strategic investments in other financial institutions, including a brokerage and asset management firm and a number of private equity funds. A leasing subsidiary was established in Algeria in 2006, expanding the group’s diversification beyond Tunisia. In 2015, Tunisie Leasing also acquired the majority of a holding company present in nine countries in Sub-Saharan Africa. For more information, please visit: www.tunisieleasing.com
Media contact GGF
Phone: +49 (0)69/271 035-307
Media contact Tunisie Leasing
Phone: +216 70 132 068