Energy Efficiency

Dutch development bank FMO invests EUR 20 million more in Green for Growth Fund

Photo: Finance in Motion

Published

November 20, 2018

Country

Comments

comments icon

0

Share

Published:

November 20, 2018

Country:

Comments:

comments icon

0

Share

Dutch development bank FMO has invested a further EUR 20 million into the Green for Growth Fund (GGF), bringing the bank’s total investments in the fund to EUR 60 million. The loan agreement was signed in The Hague on November 15, 2018, according to a joint press release.

This investment will be used to finance energy efficiency, resource efficiency and renewable energy measures via financial institutions, as well as selected direct investments in projects, in South-East Europe, the Caucasus, and the MENA region.

FMO has been a strategic partner of the GGF since 2012. Among International Financial Institutions, the bank is the largest investor in the GGF after the fund’s two co-initiators, German development bank KfW and the European Investment Bank (EIB). FMO invests in projects and businesses in developing countries to spur economic development, reduce inequality, and help mitigate the negative effects of climate change. The Bank focuses on the sectors of agribusiness, energy and financial institutions to support sustainable growth in line with its commitment to the UN Sustainable Development Goals (SDGs), according to the press release.

GGF helps cut annual CO2 emissions of over 590,000 tonnes

The Green for Growth Fund (GGF) provides refinancing to financial institutions to enhance their participation in the areas of energy efficiency, resource efficiency and renewable energy as well as making direct investments in non-financial institutions with projects in its target region. The fund has an outstanding portfolio of over EUR 400 million in 17 countries and contributes to reducing annual CO2 emissions of over 590,000 tonnes and annual primary energy savings of over 2.2 million MWh.

At the signing ceremony of the loan agreement, the GGF Chairman Olaf Zymelka stated: “We deeply appreciate the strategic partnership with FMO. Over the years, FMO’s support has enabled us to extend the green footprint of the GGF to newer frontiers and projects and we are delighted to see this partnership continue. ”

Huib-Jan de Ruijter, Director Financial Institutions at FMO said: “We are pleased to expand our partnership with the Green for Growth Fund, which offers a strong platform to collaborate with likeminded investors to fight climate change. Investments to advance energy efficiency and renewable energy, like our investment into GGF, will significantly contribute to reducing energy consumption and CO2 emissions, thus helping to mitigate climate change.”

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

romania green energy program municipalities

Romania draws up EUR 804 million green energy program for cities

10 October 2024 - The Ministry of Energy launched a public debate on a proposed executive order for a national investment program called Green Energy

eles siemens energy memorandum Adnan Chaudhry mervar presern slovenia

ELES, Siemens Energy enter strategic partnership to develop digital technologies for electricity grids

09 October 2024 - Slovenia’s operator of the combined transmission and distribution network ELES has signed an MoU with Siemens Energy

bih meti network SME reset decarbonisation plastoflex

METI Network: Small, medium-sized enterprises are leaders of decarbonization in BiH

18 September 2024 - The success of SMEs is perfectly illustrated by the project "Energy Transition Network in Industry in BiH – METI Project", which was implemented by RESET and the Enterprise Development Agency Eda

Third Von der Leyen European Commission green transition environment Teresa Ribera

Third of Von der Leyen’s next European Commission to handle green transition, environment

18 September 2024 - Spain's Teresa Ribera and Demark's Dan Jørgensen are Ursula von der Leyen's picks for the top energy jobs in the next European Commission