The Green for Growth Fund (GGF) has secured a senior loan of EUR 1 million to MI-BOSPO to promote energy efficiency among microbusinesses and private households in Bosnia and Herzegovina (BiH).
MI-BOSPO is a microcredit institution committed to expanding green finance to otherwise underserved customers, and which promotes energy efficiency measures among these customers with a dedicated product line.
The new financing provided by the GGF will be on-lent by MI-BOSPO for energy efficiency upgrades such as housing improvements and the purchase of new business equipment – measures which are projected to result in annual primary energy savings of approximately 3,700 MWh and CO2 emission reductions of approximately 1,400 metric tons, the GGF said in a statement.
“We are very pleased about our new cooperation with MI-BOSPO and the opportunity to bring energy efficiency financing to underserved customers in the microfinance sector. This investment demonstrates the GGF’s ongoing support of energy efficiency in Bosnia and Herzegovina,” GGF Chairman Olaf Zymelka said.
MI-BOSPO CEO Nejira Nalić said that MI-BOSPO is committed to providing support – especially to women – in creating better business conditions.
With this support in the area of energy efficiency, our clients will improve their business and quality of life, but also we will raise awareness of the advantages of energy efficiency, Nalić added.
In February, the GGF provided a EUR 1.5 million senior loan to Microcredit Foundation SUNRISE (MCF Sunrise) Sarajevo.
Apart from BiH, the GGF, jointly established by German development bank KfW and the European Investment Bank (EIB), has secured loans for energy efficiency measures and renewables in Serbia, Macedonia, Kosovo*, and Turkey.