• The GGF senior loan marks the sixth year of cooperation with Halkbank

  • Energy efficiency measures financed with the GGF loan are projected to result in annual primary energy savings of almost 50,000 MWh and CO2 emission reductions of nearly 15,000 metric tons.

Luxembourg and Skopje, 12 January 2017 -- The Green for Growth Fund (GGF) has lent EUR 10 million to Halkbank Skopje to increase energy efficiency (EE) in Macedonia. The loan is the fund’s third to Halkbank Skopje since 2010, when the lender became the first in the country to offer EE financing products. The latest investment further solidifies this successful, long-standing cooperation and reflects Halkbank’s proven track record of promoting the reduction of energy use in Macedonia. 

The GGF loan will enable Halkbank to increase the scope and volume of its Eco-loan products, which can be used for financing EE measures at Macedonian businesses, for replacing obsolete agricultural equipment on farms, and for outfitting homes with technologies that lower energy use. In addition, the latest loan includes GGF technical assistance that will support both Halkbank’s sales and promotional activities and the development of further EE loan products. 

GGF Chairman Christopher Knowles said: “The GGF was there to support Halkbank’s first energy efficiency loans in 2010, and our continued partnership is already helping thousands of Macedonians to lower their energy use, one of the fund’s primary goals.”

Turhan Ademi, Acting Chief Executive Director of Halkbank AD Skopje, said: “Our loans are designed for energy-efficiency measures that lower energy use without reducing quality of life. Loans for energy efficiency help our clients make significant cuts in their primary energy consumption.” 


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 privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg and advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. 

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Halkbank AD Skopje (Halkbank) is raising the bar for speed and quality in financial services within the Macedonian market by implementing innovative processes in its business. With 36 branches in Macedonia, correspondent relationships with over 400 banks and account relationships with 13 foreign banks, Halkbank has a broad national and international network. 

A large-sized bank by NBRM standards, Halkbank enjoys a sterling reputation as a trustworthy, customer-oriented, innovative and dynamic bank in the Macedonian market. Halkbank is also a socially and eco-responsible institution: since its beginnings in Macedonia, the bank has continuously supported environmental development and protection, many socially concerned segments, as well as sports and culture. In the area of long-term development financing in particular, the bank has long-term partnerships with international financial institutions that are benefiting the Macedonian economy as a whole. 

In 2015 Halkbank showed continuity in supporting the real economy, while the quality of the offered services remained high. The loan portfolio of the Halkbank showed an increase from EUR 275.7 million to EUR 335.5 million, or 21%. The overall net growth of lending to Macedonian companies and citizens was EUR 392 million, where Halkbank had a leading share of 15.2%, or EUR 59.8 million in nominal terms. 

For more information, please visit 

Media contact GGF

Eric Culp
Press Officer
Phone: +49 (0)69/271 035-307

Media contact Partner Institution

PR Department
Phone: +389 (0)2 3250 926

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