ImpactAlpha, November 20 – The Green for Growth Fund finances financial institutions and developers investing in energy efficiency and renewable energy projects in Europe and North Africa. With a new €20 million ($23 million) commitment, Dutch development bank FMO has invested a total of €60 million ($68 million) in the fund.
Since launching in 2009, the Green for Growth Fund has loaned hundreds of millions of Euros to borrowers, ranging from a hydro-power developer in Albania, a bank in Egypt developing a line of green finance products, and a financial institution in Ukraine helping households reduce energy costs and consumption.
The fund was initially launched by the European Investment Bank and German development bank KfW to focus on projects in Southeast Europe. It has since expanded to fund projects in 19 countries across Southern and Eastern Europe and North Africa.