GGF, Southeast Europe provides export and credit bank with EUR 5 million loan for energy efficiency investments in FYR Macedonia

  • Izvozna i Kreditna Banka (IK Banka) will use the proceeds of the GGF loan to finance such projects as improvement to building envelope (e.g. thermal insulation, replacement of doors/windows), heating systems (e.g. replacement of old boilers, solar thermal systems for hot water), heat distribution (e.g. electronically controlled pumps for heating systems), interior and exterior lighting system, as well as, conversion to natural gas and renewable energy utilization.

"GGF is pleased to have found in IK Banka a new partner to promote energy efficiency among businesses and private households in FYR Macedonia", said Christopher Knowles, Member of the Board of Directors of GGF. "This project will help Macedonian companies and private households to reduce energy consumption and cut costs."

"With this new credit line IK Banka will further expand its wide range of loan products and complement its existing Energy Efficiency Program. Now we can offer the benefits of convenient and flexible financing of energy efficiency improving investments to our full spectrum of clients, from individuals to companies of all sizes. Previously, these types of special loans were not available at all or available only to large companies. These investments will pay for themselves through the energy savings and help the FYR Macedonia achieve its energy goals. As IK Banka, we are committed to support the Macedonian economy and we grow with our clients. We have increased our lending activity in 2010 and we will continue to provide new and sophisticated offers to our clients in all segments", said Yucel Inan, IK Banka's Chief Executive Director.

ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)

Initiated by the European Investment Bank and KfW Entwicklungsbank, the Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhance energy efficiency and foster renewable energies in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo (under UNSCR 1244/99), Montenegro, Serbia and Turkey. GGF provides refinancing to financial institutions for on-lending to enterprises and private households for financing energy efficiency projects. The Fund also makes direct investments in specialist energy service companies (ESCOs), energy service and supply companies and renewable energy projects. The activities of GGF are supported by a Technical Assistance Facility. The Fund is a public-private partnership. Its investor base comprises donor agencies, international financial institutions and institutional private investors. The Fund is registered under Luxembourg law as a Variable Capital Investment Company (SICAV). GGF is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in consortium with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and technical advisor MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.

ABOUT EXPORT AND CREDIT BANK

Founded in 1993, IK Banka is one of the most established banking brands in FYR Macedonia. IK Banka is a universal commercial bank, serving its clients through a network of 21 branches in 12 cities across the country. As a leading mid-sized bank, it has significant reputation and recognition as a small and medium-sized enterprise bank. The Bank has also recently updated its retail banking business, offering exceptional loan products and banking services for individuals. Respecting and lead by its clients' needs and wants, IK Banka continuously brings new and contemporary products and services to the Macedonian market, establishing itself as a bank of choice for all customer segments.

For further information on IK Banka offers, please visit www.ikbanka.com.mk

MEDIA CONTACT

Green for Growth Fund, Southeast Europe
Mr. Samir Djikic, Communications Manager
s.djikic@finance-in-motion.com
Tel: +49 (0)69 9778 7650-26

Export and Credit Bank
Ms. Ana Vukovik, PR Department
ana.vukovik@ikbanka.com.mk

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