The Green for Growth Fund, Southeast Europe (GGF) has lent Belgrade-based Banca Intesa €7m to expand lending for energy efficiency projects in Serbia.
Money will be distributed to individuals and households to reduce energy consumption through work such as upgrading thermal insulation, installing more efficient windows, boilers and heating, as well as other measures.
Banca Intesa is the one of the first banks in the country to offer energy efficiency loans and has so far provided €14m for these projects.
Monika Beck, chairperson of the GGF, said, 'The GGF is delighted to announce this cooperation with Banca Intesa Beograd, a financial institution with considerable experience in energy efficiency lending and an impressive network.
'It is by working with banks such as Banca Intesa Beograd that we can maximise the fund's outreach as well as achieve substantial development impact whilst effectively contributing towards a reduction of Serbia's energy consumption.'
Marco Capellini, deputy chairman of Banca Intesa executive board, added, 'The GGF credit line will further strengthen the bank's capacity for energy efficiency lending to households, enabling them to make substantial energy savings, while at the same time providing active contribution to environmental protection and overall community development.'