GGF ISSUES ADDITIONAL EUR 4 MILLION LOAN TO PARTNER MCF
- New credit line expands Partner MCF's capacity for sustainable long-term energy efficiency (EE) financing
- EE measures financed estimated to generate primary energy savings of up to 12,600 MWh and emission reductions of 4,500 tons of CO2 per year
- Partner MCF provides EE consultation services along with loans to maximize outcomes
Luxembourg and Tuzla, 14 May 2014 - The Green for Growth Fund, Southeast Europe (GGF) and Partner Microcredit Foundation (Partner MCF) signed a EUR 4 million senior loan contract to expand Partner's lending activities predominantly in the rural parts of Bosnia and Herzegovina. Partner MCF is one of the country's leading microcredit organizations and the first to offer a specific energy efficiency product.
When financing home improvements, Partner MCF focuses on energy efficiency (EE) measures to reduce household fixed costs and to improve quality of life. As a standard service they offer free thermographic screening of the premises to identify possibilities for improving insulation.
"In 2012, Partner MCF developed a strategy on energy efficiency lending and implemented the corresponding product together with technical assistance from the GGF" said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "These efforts are bearing fruit now, and we are happy to support this process with additional funding."
"When we signed our first loan agreement with GGF in May 2012, we committed ourselves to utilizing the loan funds to finance the activities of clients who wish to implement energy efficiency measures," says Senad Sinanovic, Director of Partner Microcredit Foundation. "Close to 700 clients, thanks to our loans, implemented energy efficiency measures on their facilities, improving comfort through the thermal insulation of buildings, replacing windows and doors, and by introducing more efficient heating and other measures. Besides increased comfort, the investments in energy efficiency measures have directly reduced household overheads."
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ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
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 Neighbourhood 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 small to medium-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 KfW 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.
* 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.
About Partner Microcredit Foundation
Partner Microcredit Foundation (Partner MCF), which has successfully engaged in providing microcredit services for more than 17 years in Bosnia and Herzegovina, has its head office is located in Tuzla and operates through 55 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. Partner MCF obtained the Client Protection Certificate issued by the Smart Campaign. For more information, please visit www.partner.ba
Media contact GGF
Phone: +49 (0)69/977 876 50-320
Media contact Partner MCF
Director for Loan Operations
phone: +387 35 300 281