The Development Bank of Austria (Oesterreichische Entwicklungsbank AG – OeEB) has increased their investment with the Green for Growth Fund (GGF), of which the EU is a donor, by providing an additional €25 million in senior shares. This will help the fund continue to develop renewable energy projects and improve energy and resource efficiency in Southeast Europe and the European Eastern Neighbourhood Region to enhance climate protection.

Green for Growth Fund Chairman Olaf Zymelka stated: “OeEB’s additional infusion of funding supports GGF’s commitment to green energy and resource efficiency in Southeast Europe and the European Eastern Neighbourhood Region. Our long-standing partnership has been of immense importance to the GGF’s success and we are proud that OeEB has entrusted us with the funds necessary to carry out our mission of combatting climate change."

Part of the EU4Energy Initiative, the Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, the Republic of Moldova, the Middle East and North Africa. The fund provides direct financing to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB.

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Press release

EU4Energy: Green for Growth Fund