In June 2014, OeEB provided the Green for Growth Fund, Southeast Europe (GGF) with fresh funding totalling EUR 20 million. In August 2019, the funds were increased by another EUR 25 million and a further investment of EUR 25 million was made in September 2023. In March 2024 EUR 19.8 million were invested, replacing the first two transactions. GGF finances renewable energy and energy efficiency projects in Southeast Europe in order to enhance climate protection in this region.

Project name Green for Growth Fund (GGF)
Region Southeast Europe
Sector Energy / Resource efficiency / Infrastructure
Service Investment Finance
OeEB project volume EUR 70 million
Fund domicile Luxembourg
Project partner(s) Green for Growth Fund (GGF)

On the one hand, the GGF's funds are allocated via financial intermediaries to households and companies that want to implement projects in the areas of energy efficiency, renewable energies and greenhouse gas reduction. On the other hand the fund can also carry out direct investments. 

As at the end of June 2023, the fund had a committed volume of around EUR 790.3 million. Annual energy savings of 4.5 million MWh and annual CO2 savings of 1.2 million tons have been achieved through the GGF's financing. Since the fund was established, more than 55,245 loans have been granted. 

In addition, OeEB provides funding for the GGF's Technical Assistance Facility, which enhances the developmental impact. These funds are used, for example, to finance energy efficiency training for local banking partners or measures to ensure compliance with international environmental and social standards.