Green for Growth Fund, Southeast Europe receives LuxFLAG Environment Label
Luxembourg, December 15, 2011 - The Green for Growth Fund, Southeast Europe ("GGF" or the "Fund") announced today that it has been granted the LuxFLAG Environment Label1 by LuxFLAG, an independent Fund Labeling Agency based in Luxembourg. The Label, launched in June 2011, certifies that the GGF invests in a responsible manner at least 75 per cent of its assets in environment-related sectors. The GGF - initiated in December 2009 by the KfW Entwicklungsbank (The German Development Bank) and European Investment Bank with the financial support of the European Commission and the European Bank for Reconstruction and Development - is one of the first investment funds to receive the Label.
LuxFLAG was formed in Luxembourg in 2006 as an independent, non-profit association, backed by representatives from the private sector, non-governmental organizations and the State of Luxembourg to encourage private investment in investment funds that are active in sustainable development. To this end, LuxFLAG has launched the LuxFLAG Microfinance Label (in July 2006) and LuxFLAG Environment Label as quality guarantees ensuring investors that they are truly investing in microfinance and environment sector, respectively. The Labels are not a guarantee of performance nor do they constitute a recommendation to invest.
Monika Beck, Chairperson of the GGF's Board of Directors, said: "The GGF is pleased to have received the LuxFLAG Environment Label. This Label is very important to us and our investors. It is clear evidence of the GGF's commitment to the mission of supporting and increasing financing for energy efficiency and renewable energy projects in Southeast Europe."
1 Investors must not rely on LuxFLAG or the LuxFLAG Label with regard to investor protection issues and LuxFLAG cannot incur any liability related to financial performance or default of "Green for Growth Fund, Southeast Europe SA, SICAV-SIF".
ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE
Initiated in December 2009 by the European Investment Bank (EIB) and KfW Entwicklungsbank (The German Development Bank) with the financial support of the European Commission and the European Bank for Reconstruction and Development (EBRD), 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. The GGF provides refinancing to financial institutions for on-lending to small and medium-sized enterprises and private households for financing energy efficiency projects. The Fund also makes direct investments in specialist energy service companies (ESCOs), energy efficiency service and supply companies and renewable energy projects and public entities. 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, including the European Commission (with the European Investment Fund as Trustee), the German Federal Ministry for Economic Cooperation and Development (BMZ), the KfW Entwicklungsbank, the EIB, the EBRD, the International Finance Corporation (IFC) and Sal. Oppenheim. 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 investment advisor Finance in Motion GmbH, Frankfurt/Main, Germany, and technical advisor MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.
Green for Growth Fund, Southeast Europe
Mr. Samir Djikić
Tel: +49 (0)69 9778 7650-26