The Green for Growth Fund (GGF) has established a partnership with Lovćen Bank in Montenegro by signing a loan agreement worth three million EUR.
“This credit line will enable Lovćen Bank to expand its portfolio of ‘green’ loans by providing dedicated financing to businesses investing in sustainable practices and smaller renewable energy projects, thereby strengthening the region’s resilience and energy independence,” the statement said.
The bank further stated that this partnership represents a new collaboration for GGF, demonstrating the fund’s commitment to building new relationships. Additionally, through this strategic agreement, GGF is expanding its partnerships with investors in its operational region, reinforcing its presence and influence in promoting sustainable development.
Simon Gupta, Chairman of the Board, expressed his pleasure in welcoming Lovćen Bank as a new partner. “This investment is perfectly aligned with our goals in climate action and sustainable development. By supporting businesses in adopting greener practices and renewable energy solutions, we are taking significant steps towards a more sustainable future,” Gupta stated.
Miloš Miketić, Chairman of the Board at Lovćen Bank, said it is a pleasure to join the Green for Growth Fund mission. “By partnering with GGF, Lovćen Bank will enhance its efforts to support the sustainable development of companies in Montenegro, helping them continue implementing green solutions and improving renewable energy projects,” Miketić said.
The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. “By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, promoting energy efficiency and reducing carbon emissions,” the statement explained.
GGF is a public-private partnership initiated by the European Investment Bank and the German KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH from Germany serves as GGF’s advisor.
Lovćen Bank is focused on enhancing small and medium-sized businesses in Montenegro, working closely with clients to provide the best solutions for supporting their operations and growth. “Establishing long-term relationships and making quick decisions are core values that our clients appreciate and recognize as our competitive advantage in the market,” the statement added.
Finance in Motion is an asset management firm with global influence dedicated to sustainable development in emerging markets and economies. The company structures, manages, and advises investment funds that bring together public and private investors to address climate change, biodiversity conservation, sustainable use of natural resources, improving living conditions, and promoting market opportunities.
