GGF Lends 1.5 Mln Euro to Montenegro's Alter Modus to Back Energy Efficiency Pro...

Aug 2019
Montenegro, August, 02 2019 - The Green for Growth Fund (GGF) has provided a 1.5 million euro ($1.7 million) senior loan to Montenegrin microfinance institution Alter Modus to finance the country’s growing energy efficiency market, it said on Friday.

The 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, GGF said in a statement.

"The GGF is delighted to expand its partnership with Alter Modus, an institution that is strongly committed to providing green financing to achieve positive social and environmental impact. After the first GGF funding amounting to roughly 3.1 million euro was well utilised, we are convinced of further success with this second investment," GGF chairman Olaf Zymelka said.

Along with the loan, the GGF is providing Alter Modus with technical assistance to increase the institution’s expertise in energy efficiency lending, the fund noted.

"The potential for investing in energy efficiency projects in Montenegro is growing year by year. By sensitising the public on the benefits of energy and emission reduction measures, we are hoping to develop the sector in Montenegro. In this way, we affirm our position as a socially responsible institution that has recognised the importance of energy efficiency in raising the quality of life in Montenegro," Alter Modus CEO, Ana Kentera, stated.

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 company is specialised in loans to entrepreneurs for investments in growing their businesses as well as to households for home acquisition and/or improvement. 

Source : SeeNews

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More