• Dedicated financing will also back mortgages for low-energy-use homes
  • Energy efficiency measures financed with the GGF loan are projected to result in annual primary energy savings of 43,000 MWh and CO2 emission reductions of over 13,000 metric tons

Luxembourg and Belgrade, 12 October 2017 – The Green for Growth Fund (GGF) has provided a long-term EUR 5 million loan to Halkbank a.d. Beograd in Serbia to support energy-efficient housing in the country. A portion of the funds will help residents finance mortgages for homes with reduced energy requirements.

Along with supporting mortgages for low-energy-use housing, the bank will continue its successful decade-long practice of financing energy efficiency measures such as home improvements for retail clients. In addition to the loan, GGF technical assistance support will include training on energy savings monitoring and activities that increase public awareness of energy-efficient housing and its benefits.

The loan is the fund’s first to Halkbank a.d. Beograd, which was formerly known as Čačanska banka until Halkbank Turkey acquired it in 2015. Čačanska banka was one of the first banks in the country to offer dedicated energy efficiency financing and became a GGF partner in 2011. Halkbank’s Serbian operations provide universal banking services through a network of 35 organisational units.

GGF Chairman Christopher Knowles said: “We are excited to continue our work with Halkbank, and we especially welcome the opportunity to support prospective homeowners in Serbia seeking to purchase energy-efficient housing, which will contribute to energy savings and ultimately benefit climate change mitigation.”

Halkbank a.d. Belgrade CEO Kenan Bozkurt said: “With this renewed cooperation with the GGF credit facility, we want to support private individuals and SMEs seeking to invest in energy efficiency projects and consequently improve their lives and business environment. We are especially proud to offer a new housing loan product for buying flats in buildings that have been constructed according to the latest energy efficiency standards. The realization of this cooperation is in line with the bank’s aim of promoting sustainable growth and investments in projects that have positive effects on the environment. Our bank was a pioneer in financing energy efficiency projects in Serbia, and it is of great importance for us to remain dedicated to this kind of support for our clients.”

To download the press release please click here.

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 advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.

Halkbank a.d. Beograd is a Serbian commercial bank established in 1956 with full banking service under the main ownership of Türkiye Halkbankası A.Ş. since May 2015. Türkiye Halkbankası A.Ş. is one of the flagships of Turkish banking sector.
Halkbank a.d. Beograd and its 435 employees, provides a broad range of products and services through 35 organisational units and a network with offices in 24 cities. The bank aim is to encourage and finance the growth and development of the domestic economy, and provide a secure environment for the deposits of its clients.
In the years ahead, the bank plans to continue expanding its business network, to enhance its presence in additional areas of Serbia, and to increase its market share in key segments.
Halkbank distinguishes itself by simplicity, speed and quality of service.

Media contact GGF
Merle Römer
Phone: +49 (0) 69 27 10 35-171

Media contact Halkbank
Hristina Lazarevic
Phone: +381 11 2041830

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