Short description of the overall project

The Green for Growth Fund (GGF) has provided a senior loan of EUR 1.5 million to the microfinance institution Alter Modus. This transaction further broadens and diversifies the fund’s geographic and operational scope with financing for Montenegro’s growing energy efficiency (EE) market. The new investment will support the microfinance institution in further expanding its EE lending operations in a responsible manner. 

Alter Modus is the leading microfinance institution in Montenegro, serving more than 22,000 clients through a network of 15 branches covering all regions of the country. The new loan will allow Alter Modus to continue on‐lending to its existing clients for energy and emission reduction measures at residences and businesses, mostly for improving buildings’ thermal performance through roof and wall insulation as well as replacement of windows and doors. Along with the loan, the GGF is providing Alter Modus with technical assistance to increase the institution’s expertise in EE lending.