Short description of the overall project

The Green for Growth Fund, Southeast Europe (GGF) and Banca Intesa a.d. Beograd (Banca Intesa Beograd or the "Bank") in Belgrade, Serbia have signed a EUR 7 million loan agreement to expand the Bank's lending capacity for energy efficiency (EE) projects at the individual and household level. EE loans to individuals and households are demonstrably effective in contributing towards reducing energy consumption and greenhouse gas emissions. This is the GGF's third energy efficiency loan to a financial institution in Serbia.

The loan is dedicated to financing mainly building envelope improvements, e.g. upgrading thermal insulation in walls, installing energy efficient windows, boilers and central heating systems, and other modern energy-saving solutions. Banca Intesa Beograd's portfolio of EE subloans to be funded by the GGF's EUR 7 million loan is projected to achieve 20% in primary energy savings. This will ultimately translate in annual energy savings of approximately 20,000 MWh and CO2 reductions of approximately 6,500 tons per year.

Banca Intesa Beograd, part of Intesa Sanpaolo group, is one of the first banks in Serbia to provide EE loans. The Bank has so far concentrated mainly on financing corporate EE investments, providing loans totalling EUR 14 million. Its vast branch network is instrumental in increasing the reach of GGF financing to a wide range of loan customers throughout Serbia.