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KfW Projects in Serbia

Green for Growth Fund (GGF)

Initiated and Funded by: KfW, European Investment Bank
Partner:  Banks, Leasing Companies
Project period: 2009

Project: The Green for Growth Fund (GGF) is an impact investment fund that mitigates climate change and promotes sustainable economic growth, primarily by investing in measures that reduce energy consumption, resource use and CO2 emissions.

Funded by: The fund is additionally supported by contributions from the European Commission and the German Federal Ministry for Economic Cooperation and Development (BMZ) and a diverse group of international financial institutions and private investors.

Beneficiary countries: The GGF operates in 19 markets across Southeast Europe, Turkey, the European Eastern Neighborhood Region, and the Middle East and North Africa.

Fund management: Specialist firms provide professional services to the GGF. The Advisor, Finance in Motion, supported by the Technical Advisor, MACS, ensures that each investment proposed to the Investment Committee has been thoroughly reviewed in terms of risks, opportunities, and impact.

Finance in Motion as the Technical Assistance Facility Manager coordinates and conducts technical assistance projects under the supervision of the Technical Assistance Facility Committee.


To achieve meaningful green impact, the GGF’s investments target at least a 20% reduction in energy consumption and/or CO2 emissions, as well as additional impacts related to water, waste and material inputs. The fund achieves this by working with local financial and non-financial institutions, and renewable energy project developers in its regions of operation.

Impact in Serbia

  • Volume of sub-loan since inception (EUR)   264.6M
  • Number of sub-loans since inception 7,696
  • Primary energy savings (MWh/yr)  850,398
  • Emissions reduction (tCO2/yr) 253,039

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