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SARAJEVO (Bosnia and Herzegovina), February 27 (SeeNews) - The Green for Growth Fund (GGF) said on Wednesday it has joined forces with Bosnia's microcredit foundation LIDER to promote energy efficiency in the country through a loan of 1 million euro ($1.1 million).
The loan is intended to enhance LIDER's green lending portfolio and enable the microfinancing institution to develop renewable energy and energy efficiency lending as a separate product line, GGF said in a statement.
So far, LIDER has shown significant loan portfolio in agriculture, home improvement and microenterprises. Moreover, the free advisory services that it offers to its customers, also show great potential at building awareness about energy efficiency and renewable energy.
LIDER director general, Dzavid Sejfovic, said: “The cooperation with GGF will strengthen our capacities to help our clients implement energy efficiency measures and install renewable energy equipment in their facilities, reducing their energy bills while being environment-friendly."
“We are very pleased to be joining LIDER in promoting energy efficiency and green energy at the microenterprise and household level in Bosnia and Herzegovina,” said GGF chairman Olaf Zymelka.
The GGF invests in measures which lead to reduced energy use as well as CO2 emissions and improvement of resource efficiency in Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. It provides financing to local partners that on-lend to enterprises and private households, and it invests directly in renewable energy projects.
LIDER, founded in 2002, provides constant long-term access to financing entrepreneurs and households in 5 cantons and 40 municipalities in Bosnia and Herzegovina, via a network of 8 branches and 14 satellite offices.
(1 euro = $1.13975)