GGF provides 20 mln euro to ProCredit Bank Serbia

The Green for Growth Fund, Southeast Europe (GGF) said on Tuesday it is providing a 20 million euro ($21.9 million) senior loan to ProCredit Bank Serbia in support of agricultural and small- and medium-sized enterprises in the Southeastern European country.

The loan will serve to further expand this business line while keeping a strong emphasis on replacing energy-inefficient machinery, such as agricultural equipment and processing machinery, the GGF said in a statement.

In addition, the loan will serve to finance renewable energy projects.

GGF is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, Macedonia, Kosovo, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine.

ProCredit Bank is a development-oriented commercial bank.

($=0.9112 euro)

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