The German Federal Ministry
for Economic Cooperation and Development (BMZ) is investing 9.0 million euro
($10.2 million) in the Green for Growth Fund, Southeast Europe (GGF) to be used
to finance energy efficiency and small-scale renewable energy projects for
businesses and households within the Southeast Europe and the European Eastern
Neighbourhood regions, GGF said on Wednesday.
The GGF’s target countries, including Albania, Bosnia and Herzegovina, Croatia,
FYROM, Kosovo, Montenegro, Serbia, Turkey, Armenia, Azerbaijan, Georgia,
Moldova and Ukraine, are characterised by rising energy demand and a mostly
obsolete energy infrastructure; in most countries energy is produced primarily
from coal and gas-fired power plants, GGF said in a press release.
The burning of fossil fuels has a negative impact on the environment, GGF
stressed, adding that they also usually have to be imported at high cost.
The BMZ has been a partner of the GGF since its inception in 2009 and so far
has invested a total of 31.5 million euro in the fund.
The Green for Growth Fund, Southeast Europe is dedicated to enhancing energy
efficiency and fostering the use of renewable energy sources in Southeast Europe
and in the nearby European Eastern Neighbourhood region. It provides
refinancing to financial institutions for on-lending to enterprises and private
households seeking to finance energy efficiency projects. The fund also invests
directly in small to medium-scale renewable energy projects.
Source: SeeNews
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