The Green for Growth Fund (GGF), a public-private partnership domiciled in Luxembourg that supports energy-efficient projects, has disbursed a loan of EUR 1.5 million (USD 1.9 million) to Partner Microcredit Foundation (Partner MCF), a microcredit organization based in Bosnia and Herzegovina, as well as a loan of EUR 23 million (USD 28.6 million) to Komercijalna Banka Beograd, a bank based in Serbia.
The loans will be used by the organizations to on-lend to microentrepreneurs, private households and farmers for energy-efficient projects. Partner MCF will roll out a new product that will fund energy-efficient solutions for buildings, such as installing new windows and central heating systems.
US-based nonprofit Mercy Corps founded Partner Microcredit Foundation (PMCF) in April 1997. According to the US-based nonprofit Microfinance Information Exchange (MIX), PMCF had USD 71.6 million in assets, a gross loan portfolio of USD 56.4 million and 34,728 active borrowers as of 2011. As of the same year, PMCF had return on equity of 1.60 percent and return on assets of 0.63 percent. Founded in 1970, Komercijalna Banka Beograd has 251 branches throughout Serbia and operates in Bosnia and Herzegovina through its subsidiary Komercijalna banka Banja Luka. As of 2010, Komercijalna Banka Beograd reported assets of USD 843.8 million. The Serbian government owns 40 percent of the shares of the bank. The Green for Growth Fund aims to enhance energy efficiency in southeast Europe including Turkey. As of 2011, GGF has invested EUR 60 million (USD 75 million) in energy efficient projects throughout the region.
By Brett Cohen, Research Associate
About Partner Microcredit Foundation
US-based nonprofit Mercy Corps founded Partner Microcredit Foundation (PMCF) in Bosnia and Herzegovina in April 1997. According to the US-based nonprofit Microfinance Information Exchange (MIX), PMCF had USD 71.6 million in assets, a gross loan portfolio of USD 56.4 million and 34,728 active borrowers as of 2011. As of the same year, PMCF had return on equity of 1.60 percent and return on assets of 0.63 percent.
About Komercijalna Banka Beograd
Founded in 1970, Komercijalna Banka Beograd has 251 branches throughout Serbia and operates in Bosnia and Herzegovina through its local subsidiary Komercijalna banka Banja Luka. The government of Serbia owns 40 percent of the shares of the bank, while European Bank for Reconstruction and Development owns 25 percent. As of 2010, Komercijalna Banka Beograd reported assets of USD 843.8 million.
About The Green for Growth Fund
The Green for Growth Fund, a public-private partnership domiciled in Luxembourg, aims to enhance energy efficiency in Southeast Europe, extending into Turkey. The fund was initiated by Germany’s KFW Bankengrupp and the European Investment Bank in 2009. As of 2011, GGF has invested EUR 60 million (USD 75 million) to energy efficient projects throughout the region.
Sources and Additional Resources
Balkans.com press release: GGF signed a 1.5 mln euro loan deal with Bosnia’s Partner MCF for energy efficiency lending”
http://www.balkans.com/open-news.php?uniquenumber=147017
Ggf.lu press release: “GGF and partner MCF boost energy efficiency lending in Bosnia and Herzegovina”
http://www.ggf.lu/News—News-Details—2012-05-31-GGF-and-partner-MCF-b…
Ggf.lu press release:”Green for Growth Fund, Southeast Europe signs energy efficiency loan with Komercijalna Banka Beograd
http://www.ggf.lu/2012—News-Details—2012-05-24-Green-for-Growth-Fund…
Green For Growth Fund Press Release: “Project Portfolio”
http://www.ggf.lu/Technical-Assistance-Facility-Projects——_site.site…
Wikipedia.org page, “Komercijalna Banka”
http://en.wikipedia.org/wiki/Komercijalna_banka
MicroCapital.org story, March 12, 2012, “MICROCAPITAL BRIEF: Partner Microcredit Foundation, European Fund for Southeast Europe Publish 100k Financial Literacy Guides for Microfinance Clients in Bosnia and Herzegovina”
https://www.microcapital.org/microcapital-brief-partner-microcredit-found…
MicroCapital.org story, February 6, 2012, “MICROCAPITAL BRIEF: European Sustainable Investment Forum’s (EUROSIF’s) European SRI Transparency Code Attracts 350 Signatories”
https://www.microcapital.org/microcapital-brief-european-sustainable-inve…
MicroCapital Universe Profile: Partner MicroCredit Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Par…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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