The Green for Growth Fund (GGF) announced a EUR 1 million senior loan to Agency for Finance in Kosovo (AFK) in a deal that further expands and diversifies the fund’s geographic and operational scope with financing for Kosovo’s developing energy efficiency (EE) market, according to GGF’s press release.
AFK caters to micro- and small businesses and rural communities and has recognized the importance of EE financing and the growth potential in this sector. The investment is designed to support AFK’s desire to increase its dedicated EE financing operations, and the GGF’s first loan in Kosovo underscores the fund’s ability to finance energy reduction measures in new markets. AFK is expected to on-lend the GGF investment to clients for measures that lower power use and emissions at residences and businesses. Along with the loan, the GGF is providing AFK with technical assistance to expand the institution’s expertise in EE lending.
GGF Chairman Christopher Knowles said: “Our work with AFK demonstrates yet again how we continue to extend the fund’s reach. By expanding the number of markets where we provide funding that reduces energy consumption and emissions, the GGF continues along the path to meeting its goals.”
AFK CEO Vahdet Anadolli said: “We feel excited and privileged to be the first MFI in Kosovo that will receive financial and technical support from Green for Growth Fund. AFK has already established its experience in financing energy efficient projects in Kosovo, and this new funding will allow us to further promote our values and dedication to environmental protection.”