The Green for Growth Fund (GGF)

Green for Growth Fund

The purpose of the Green for Growth Fund (GGF), is to broaden the financing base of energy efficiency (EE) and renewable energy (RE) investments in Southeast Europe, including Turkey, in the European Eastern Neighbourhood region, and in the Middle East and North Africa (MENA). In addition, it increases awareness of EE and small RE products among companies and private households and contributes to broadening and deepening the financial sector servicing those development needs.


December 2009 

Fund Structure 

Specialized Investment Fund, SICAV-SIF, under Luxembourg law involving different share classes 

Committed Capital

EUR 459.5 million 

Portfolio Outstanding 

EUR 433.7 million 


KfW Development Bank and the European Investment Bank (EIB) 

Target Region 

Southeast Europe: Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo,* Montenegro, Serbia, and Turkey; European Eastern Neighbourhood: Armenia, Azerbaijan, Georgia, Moldova, and Ukraine; MENA: Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia


Businesses, households, and renewable energy projects 

Target Financial Institutions 

Financial intermediaries (commercial banks and non-bank financial institutions, such as leasing companies, energy service companies, companies and municipalities) and renewable energy projects 

Financial Instruments 

Medium to long-term senior loans, subordinated loans, syndicated loans, letters of credit, guarantees, mezzanine debt instruments, and local debt securities    

Status: 30 June 2018

Finance in Motion has been mandated as an advisor to provide the following services:

  • Investment Advisory
  • Risk Management
  • General Fund Advisory
  • Technical Assistance Management

The GGF contributes to achieving the following Sustainable Development Goals through energy finance via financial intermediaries and via direct investments in renewable energy project companies.

GGF - Sustainable Development Goals

For more information on the Sustainable Development Goals (SDGs), please visit the official United Nations SDG knowledge platform.

The GGF was initiated in December 2009 by the European Investment Bank (EIB) and KfW Development Bank, along with financial support from the European Commission and the European Bank for Reconstruction and Development (EBRD).

For further information about the Green for Growth Fund, please visit

Market Presence