GGF EXPANDS OPERATIONS TO MIDDLE EAST, NORTH AFRICA
- The GGF’s entry into six more markets raises the total it serves to 19
- The expansion brings the fund’s proven approach to green energy finance to new markets
- Due to the region’s high fossil fuel dependency, the GGF’s impact could reach 500,000 MWh a year in energy savings and an annual reduction of 150,000 metric tons of CO2 after the ramp-up
Luxembourg, 1 July 2016 – The Green for Growth Fund (GGF) today announced the expansion of its proven and effective approach to green energy finance to Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia.
The fund’s move into the Middle East and North Africa brings the total number of markets it serves to 19 and is expected to attract new investors focused on this critical region. The expansion will also increase the GGF’s impact and diversification as it supports new clean energy sources and the reduction of energy use in markets seeking to spur economic growth. The region offers vast potential: The local environment’s suitability for solar power, for example, presents a prime opportunity for investments in line with the fund’s mandate.
The fund can rely on previous experience with adding new markets: The GGF first expanded in 2012 when it added service to Armenia, Azerbaijan, Georgia, Moldova and Ukraine, five countries in the European Eastern Neighbourhood Region. The fund has since invested in measures to cut energy consumption and emissions in all five.
GGF Chairman Christopher Knowles said: “Our expansion into the Middle East and North Africa is a product of our success in fostering proven and quantifiable impact. We offer the region expertise collected from more than five years of financing energy efficiency measures in a wide variety of geographies and markets. We look forward to the challenge, and to helping people and businesses in the region lower their environmental impact and prosper.”
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 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. For more information see www.ggf.lu
Media contact GGF
Phone: +49 (0)69/271 035-307