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GGF secures EUR 25 million from OeEB to continue green finance

October 4, 2019 | Comments: 0Author:

Photo: Gerd Altmann/Pixabay
GGF secures EUR 25 million from OeEB to continue green finance

The Development Bank of Austria (Oesterreichische Entwicklungsbank AG – OeEB) has increased its investment with the Green for Growth Fund (GGF) by providing an additional EUR 25 million in senior shares, according to a press release from the GGF.

OeEB’s commitment will help the GGF continue to develop renewable energy projects and improve energy and resource efficiency in Southeast Europe and the European Eastern Neighbourhood Region to enhance climate protection, the GGF said.

OeEB’s commitment will help the GGF continue to develop renewable energy projects and improve energy and resource efficiency in Southeast Europe, EU’s eastern partnership

As a leading climate finance provider, OeEB focuses mainly on low and middle-income countries to help them develop their own sustainable sources of energy and reduce dependence on oil imports, and to more efficiently use energy and other resources, improving their competitiveness, according to the press release.

The impact of this new investment will be augmented with capacity-building activities through the fund’s Technical Assistance Facility. Operating hand in hand with the GFF, the Technical Assistance Facility supports the GGF in achieving its goal of advancing energy efficiency, renewable energy, and resource efficiency by building up capacities within its partner institutions that ensure the long-term impact.

GGF Chairman Olaf Zymelka stated: “OeEB’s additional infusion of funding supports GGF’s commitment to green energy and resource efficiency in Southeast Europe and the European Eastern Neighbourhood Region. Our long-standing partnership has been of immense importance to the GGF’s success and we are proud that OeEB has entrusted us with the funds necessary to carry out our mission of combatting climate change.”

“Fighting climate change is the most pressing issue we are facing right now. We at OeEB have therefore made climate protection and promoting renewable energy two core goals within our new strategy. We are very happy to continue our successful partnership with GGF who shares these goals and is committed to building a greener future”, said Sabine Gaber, member of OeEB’s executive board.

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