Microcredit Foundation Sunrise Sarajevo, which the World Bank founded in Bosnia and Herzegovina in 1996, recently borrowed EUR 1.5 million (USD 1.9 million) from the Green for Growth Fund (GGF), which is domiciled in Luxembourg, to on-lend to homeowners, farmers, and micro- and small enterprises to fund energy-efficiency measures. GGF will also provide an unspecified amount of technical assistance funding to Sunrise for capacity development and marketing.
Samir Bajrovic, the director of Sunrise said, “Our organization is committed to continuously support programs and activities resulting in the reduction of energy poverty, improvement of air quality and reduction of CO2 emissions, and we are certain that through this project we will secure better living standards for our clients.”
The funding is estimated to be sufficient to cut annual energy use by 5,500 megawatt-hours and annual carbon dioxide emissions of 2,100 tons.
Sunrise has 44 branches. In addition to energy-efficiency loans, the institution provides funding for housing, agriculture and small-scale enterprise. As of 2016, Sunrise reports to the US-based nonprofit Microfinance Information Exchange total assets of USD 22 million, a gross loan portfolio of USD 17 million and 15,000 borrowers.
The EU’s European Investment Bank and German development bank Kreditanstalt für Wiederaufbau created GGF in 2009. As of June 2017, the fund reports an outstanding portfolio of EUR 356 million (USD 441 million) invested in 39 institutions in 19 countries. Germany’s Finance in Motion, which manages assets valued at EUR 1.6 billion (USD 1.7 billion) as of 2017, serves as fund advisor to GGF.
Sources and Additional Resources:
GGF press release
http://www.ggf.lu/pressnews/detail/ggf-and-mcf-sunrise-support-energy-efficiency-in-the-microfinance-sector-in-bosnia-and-herzegovina/
MIX profile on Sunrise
https://www.themix.org/mixmarket/profiles/sunrise
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.
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