SOFIA (Bulgaria), February 25 (SeeNews) – In SOFIA story "Germany's BMZ invests 9.0 mln euro in energy projects in SEE, Eastern Europe - GGF" please read in the title "...invests 9.0 million in GGF" instead of "...invests 9.0 mln euro in energy projects in SEE, Eastern Europe - GGF" to make it clear that BMZ is investing in the Green for Growth Fund, not directly in projects in Southeast and Eastern Europe.
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The German Federal Ministry for Economic Cooperation and Development (BMZ) is investing 9.0 million euro ($10.2 million) in the Green for Growth Fund, Southeast Europe (GGF) to be used to finance energy efficiency and small-scale renewable energy projects for businesses and households within the Southeast Europe and the European Eastern Neighbourhood regions, GGF said on Wednesday.
The GGF’s target countries, including Albania, Bosnia and Herzegovina, Croatia, Macedonia, Kosovo, Montenegro, Serbia, Turkey, Armenia, Azerbaijan, Georgia, Moldova and Ukraine, are characterised by rising energy demand and a mostly obsolete energy infrastructure; in most countries energy is produced primarily from coal and gas-fired power plants, GGF said in a press release.
The burning of fossil fuels has a negative impact on the environment, GGF stressed, adding that they also usually have to be imported at high cost.
The BMZ has been a partner of the GGF since its inception in 2009 and so far has invested a total of 31.5 million euro in the fund.
The Green for Growth Fund, Southeast Europe is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe and in the nearby European Eastern Neighbourhood region. It provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The fund also invests directly in small to medium-scale renewable energy projects.
($=0.8797 euro)