The Green for Growth Fund Starts Cooperation with Microinvest in Moldova
Chișinău, October 23, 2024 – The Green for Growth Fund (GGF) has signed a loan agreement of EUR 15 million equivalent in local currency with Microinvest, the largest non-banking credit organization in Moldova.
The loan facility will allow Microinvest to expand its green lending portfolio by providing dedicated financing to businesses and households investing in sustainable practices and energy-efficient solutions, boosting their resilience and energy independence. The partnership with GGF is estimated to contribute to annual primary energy savings equivalent to the annual energy requirements of 1,038 Moldovan households.
This investment reaffirms the GGF’s commitment to enable local financial institutions like Microinvest to provide long-term financing in local currency and strengthen the country’s resilience to energy challenges, building a sustainable and resilient economy.
Simon Gupta, Chairperson of GGF Board of Directors, stated: “The partnership with Microinvest is another important milestone in our efforts to advance green investments in Moldova. With the loan facility signed today, we are unlocking critical financing in local currency for businesses and households, empowering them to adopt energy-efficient technologies and solutions. This will also address the challenge of climate change and contribute to a greener and more sustainable future for the country.”
Borislav Kostadinov, Fund Director of GGF at Finance in Motion, added, “Partnering with Microinvest underscores our commitment to facilitating Moldova’s energy transition. Together, we aim to boost green financing and strengthen the country’s resilience to energy challenges.”
Dumitru Svinarenco, CEO of Microinvest, explained: “We are excited to establish a new partnership with the Green for Growth Fund to further strengthen our commitment to sustainable economic growth in Moldova. The EUR 15 million loan will be invested in financing sustainable businesses and households, helping them implement environmentally friendly practices and contribute to long-term resilience. Microinvest has consistently demonstrated its pivotal role in the Moldovan financial market by providing essential financial support to Moldovan communities. This partnership reflects our shared vision of fostering a more sustainable future, and we are proud to support businesses and households that are making a positive impact on both the economy and the environment.”
About GGF
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, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF’s advisor. For more information on the Green for Growth Fund, please visit: www.ggf.lu
About Finance in Motion
Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster sustainable use of natural resources, improve livelihoods, and promote economic opportunities. For more information, please visit: www.finance-in-motion-com
About Microinvest
Microinvest is a non-banking lending organization operating in the Republic of Moldova. The company has consistently demonstrated its major role in the Moldovan financial market by providing financial support to local businesses, agricultural producers, and individuals, thereby contributing directly to the country's economic growth. According to the National Bank of Moldova, Microinvest is the leader among non-bank lending organizations in the country, with a portfolio of over MDL 5.1/ EUR 265.6 billion and a market share of 36.3% as of H1-24. About 68% of its portfolio is allocated to business clients, of which over 44% to the Agri sector. Microinvest is the only financial organization in Moldova that holds the international GOLD certificate in the field of customer protection (according to the Cerise+SPTF Client Protection Standards and methodology).
For more information, please visit: https://microinvest.md/
Media Contacts:
GGF:Nusha Westhoff
Director Marketing & Communications
Mobile: +49 69 271 035-789
press@ggf.lu
Microinvest: Cristina Arhip-Furtuna
Head of Marketing Unit
Mobile: +373 68 31 96 81
marketing@microinvest.md
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