Promotion of Renewable Energies and Energy Efficiency across the Financial Sector in Serbia

Donor: German Federal Ministry for Economic Cooperation and Development (BMZ), German Federal Ministry for Environment, Nature Conservation, Building and Nuclear Safety (BMUB), EU

Partner: Ministry of Energy and Mining; miscellaneous financial institutions (Banks, Leasing and Insurance Companies)

Project period: 2008–2025


  • Low energy efficiency: Serbia consumes four times more energy to generate one unit of Gross National Income (GNI) than Germany.
  • Serbian enterprises still use old and inefficient production facilities and the existing building stock is mostly obsolete and needs to be renewed. Energy-efficient construction, thermal insulation of buildings and modern heating systems as well as environmentally friendly vehicles are in many cases economically viable.
  • However, current low electricity prices do not foster energy savings neither in households nor in the industry.
  • The existing renewable energy potential is hardly used.


The program finances economically sustainable and environmentally friendly projects in small and medium-sized enterprises, private households as well as municipalities. The financing resources will be provided to the participating banks by KfW.

In addition to the above mentioned credit lines, KfW offers advisory services to the Serbian finance institutions participating in the program. Only investments with an energy saving impact of at least 20% are supported by the program.


The program:

  • enhances long-term efficient and environmentally friendly energy utilisation,
  • supports the establishment of a “green” banking product (“eco-loans”) in Serbia.

By the end of 2025, KfW will implement credit lines for EE and RE with a total volume of EUR 106 million. Approximately 12,500 final borrowers have already received a loan.

Implemented by