GGF PARTNERS WITH MI-BOSPO TO ENCOURAGE ENERGY EFFICIENCY IN BOSNIA AND HERZEGOVINA’S MICROFINANCE SECTOR
• New EUR 1 million senior loan to promote energy efficiency (EE) measures in microbusinesses and private households
• EE measures financed through GGF loan projected to result in annual primary energy savings of approx. 3,700 MWh and CO2 emission reductions of approx. 1,400 metric tons
• GGF technical assistance to support EE product development and staff training
Luxembourg and Tuzla, 5 July 2018 – The Green for Growth Fund (GGF) has provided a senior loan of EUR 1 million to MI-BOSPO to promote energy efficiency among microbusinesses and private households in Bosnia and Herzegovina.
MI-BOSPO is a microcredit institution committed to expanding green finance to otherwise underserved customers, and which promotes energy efficiency measures among these customers with a dedicated product line. The new financing provided by the GGF will be on-lent by MI-BOSPO for energy efficiency upgrades such as housing improvements and the purchase of new business equipment – measures which are projected to result in annual primary energy savings of approximately 3,700 MWh and CO2 emission reductions of approximately 1,400 metric tons.
Access to green loans for Bosnia and Herzegovina’s microfinance sector is important for fostering energy efficiency in the country. MI-BOSPO thus joins the GGF’s network of local partners who contribute to the fund’s mission of increasing the availability green financing in the region.
GGF Chairman Olaf Zymelka stated: “We are very pleased about our new cooperation with MI-BOSPO and the opportunity to bring energy efficiency financing to underserved customers in the microfinance sector. This investment demonstrates the GGF’s ongoing support of energy efficiency in Bosnia and Herzegovina.”
“MI-BOSPO is committed to providing support – especially to women – in creating better business conditions. With this support in the area of energy efficiency, our clients will improve their business and quality of life. We are glad to be able to use these credit funds to raise awareness of the advantages of energy efficiency, which will certainly have a positive impact on our clients and the environment in which they conduct their business activities,” added MI-BOSPO CEO Nejira Nalić.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency 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 advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
MI-BOSPO provides access to credit and non-financial services to individuals, especially women entrepreneurs, with a low income in order to strengthen entrepreneurship and their economic and social status. MI-BOSPO provides responsible financing through the application of consumer protection principles and is an important player in the development of female entrepreneurship. Successful, entrepreneurial, educated and emancipated women create an economically stronger family. MI-BOSPO’s clients are economically empowered with clearly defined objectives and entrepreneurial attitudes, ready to make good business decisions as a result of our successful cooperation.
Media contact GGF
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171
Media contact MI-BOSPO
Public Relations Manager
Phone: +387 61 796 209