Green for Growth Fund and Čačanska Banka sign energy efficiency loan

  • EUR 5.0 million credit line for on-lending to businesses and private households in Serbia

Tirana (Albania) and Čačak (Serbia), June 7, 2011 - The Green for Growth Fund, Southeast Europe (GGF) signed a EUR 5.0 million loan agreement with Čačanska banka a.d. Čačak (or the "Bank") in Serbia to fund the Bank's energy efficiency loan program. This is the GGF's first loan to a financial institution in Serbia. The loan will help businesses and private households in Serbia reduce their energy costs and consumption, implement cleaner production projects and reduce greenhouse gas emissions. The loan agreement was signed at the at the Annual Meeting of the European Fund for Southeast Europe (EFSE) held in Tirana, Albania, today.

The GGF loan will provide Čačanska banka with the long-term financing necessary for the type of energy efficiency projects it is planning to support, including: replacement of old windows and doors, upgrading of heating systems and insulation in households, insulation of business premises, utilization of renewable energy sources through solar collectors and geothermal pumps, reduction of reactive power consumption, waste heat recovery, and the replacement of old or inefficient production plant and equipment.

Čačanska banka has significant experience and expertise in providing energy efficiency finance, and is one of the first banks in Serbia to provide energy efficiency loans. Since 2008, the Bank has benefitted from a credit line from KfW Entwicklungsbank (The German Development Bank), which has been used for energy efficiency projects in the SME, micro and retail segments. In just two years it has financed more than 150 projects totalling EUR 5 million for business and retail clients.

The GGF loan is complemented by a technical assistance package that provides the Bank with capacity building assistance on the operational aspects of implementing energy efficiency finance products. This will include, among others, a joint awareness raising campaign on the benefits of energy efficiency measures. The technical assistance support will be funded by the GGF's technical assistance arm, the GGF Technical Assistance Facility.

"Čačanska banka, which is aiming to strengthen its energy efficiency business, is a good partner of the GGF. Both the Bank and the Fund strongly support businesses and entrepreneurs in their efforts to improve competitiveness and overall efficiency", said Monika Beck, Chairwoman of the Board of Directors of the GGF. "By working with banks like Čačanska banka, together we are contributing to reduce the Serbian economy's energy intensity".

"The experience that Čačanska banka gained in financing energy efficiency projects through the Hit Energy credit line with KfW is the basis for our partnership with GGF. The bank and the fund will jointly provide financial support to business and retail clients for energy efficiency projects", said Aleksandar Ćalovid, Vice President of the Executive Board of Čačanska banka. He emphasized that, together with the GGF, the Bank intends to raise public awareness of the need for more rational energy utilization and increased use of renewable energy sources to reduce energy costs and generate savings, yet without hampering quality of life and economic activity.


Initiated by the European Investment Bank and KfW Entwicklungsbank (The German Development Bank), the Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering renewable energies in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo (under UNSCR 1244/99), Montenegro, Serbia and Turkey. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households for energy efficiency projects. The GGF also invests directly in specialist energy service companies (ESCOs) as well as energy service and supply companies, and renewable energy projects. The activities of the GGF are supported by a Technical Assistance Facility. The GGF is a public-private partnership with an investor base comprised of donor agencies, international financial institutions and institutional private investors. The GGF is registered under Luxembourg law as a SICAV (variable capital investment company). The GGF 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 a technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.


Čačanska banka was established in 1956. As a universal bank, Čačanska banka offers a wide variety of banking services to retail and corporate customers. The Bank serves clients mostly in Central and Western Serbia, a region with a high concentration of small and medium enterprises and entrepreneurs. It is headquartered in the city of Čačak and has more than 30 branches and offices in Central and Western Serbia as well as in the nation's capital, Belgrade. Čačanska banka's investor group includes the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). ISO 9001:2008 certification for baking services design and provision, issued by SGS, documents the bank's compliance with the world's highest operating standards.

For further information about Čačanska banka, please visit


Green for Growth Fund, Southeast Europe
Mr. Samir Djikić
Tel: +49 (0)69 9778 7650-26

Čačanska banka
Tijana Milosavljevid
Tel: +381 (0)32 302 182

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