The European Bank for Reconstruction and Development said its cooperation with Green Climate Fund and the government of Luxembourg resulted in support for small and medium-sized enterprises (SMEs) in Serbia. Namely, EBRD revealed they secured EUR 20 million for climate mitigation and resilience projects through UniCredit Leasing Srbija Doo.
The provider of financial services is the first in the sector in the country to join the Green Economy Financing Facility (GEFF) Leasing. SMEs have the funds available for investments in high-performing technologies that improve the use of energy, water and land resources. Green Climate Fund or GCF contributed EUR 5 million of concessional finance to the package, backed by Luxembourg.
The leases will cover investments in technologies such as energy-efficient agricultural, commercial, drip irrigation and rainwater harvesting equipment. Beneficiaries can identify climate-friendly technologies through the Technology Selector database and with support by the GEFF Serbia Leasing technical assistance team.
GEFF operates through a network of more than 140 local financial institutions across 26 countries supported by almost €4.2 billion of EBRD finance for 130,000 clients, the statement adds. The projects have led to annual carbon dioxide emission reductions of over almost seven million tonnes, the international lender claimed.
GCF has been supporting EBRD programs worth USD 830 million (EUR 749 million), catalyzing more than USD 3.6 billion in total project value, according to the announcement. GCF is the largest climate fund in the world to support developing countries’ efforts to respond to the challenge of climate change, it added.
The bank has invested more than EUR 5 billion across 250 projects in the country located in Southeastern Europe. EBRD said it is supporting private sector development and the transition towards a green economy, as well as investing in infrastructure to boost connectivity in the Western Balkans region.