Funds

EBRD (European Bank for Reconstruction and Development)

The European Bank for Reconstruction and Development (EBRD) helps Serbia to produce energy from renewable sources by providing loans to the Electric Power Industry of Serbia for the reconstruction of existing and construction of new mini hydropower plants and the production of energy from other renewable sources. The EBRD cooperates with domestic banks through which it realizes credit lines for the realization of projects in the field of energy efficiency in the Western Balkans.

WBIF (Western Balkans Investment Framework)

WBIF is a joint initiative of the European Commission and partner international financial institutions (European Investment Bank, European Bank for Reconstruction and Development, Development Bank of the Council of Europe and KfW Bank) to support the socio-economic development and accession of the countries of the Western Balkans to Europe, through investments in the field of energy efficiency.

The Western Balkans Investment Framework (WBIF), which includes its private sector platform, the Western Balkans Enterprise Development and Innovation Program (WB EDIF), brings together partners in the Western Balkans, bilateral donors and international financial institutions to support the development and the accession process, both regions and individual countries. The western Balkans Investment Framework was established in 2009 with the European Union as the largest donor through the Instrument for Pre-Accession Assistance (IPA). Pre-accession assistance (IPA II) directly provides additional funds to Kosovo through bilateral grants to support transport, energy, environment, competitiveness, innovation, and capacity-building projects.

WBIF consists of the Joint Grant Facility and the Joint Lending Facility. Their goal is to unite and coordinate different sources of financing, primarily loans with grant funds, for priority projects in the region. The projects for which these funds are approved align with the EU’s pre-accession strategy and relevant sectoral strategic documents and investment plans.

GGF (Green for Growth Fund)

Green for Growth Fund that operates in Southeast Europe – GGF was established in 2009 as a specialized fund for improving energy efficiency and renewable energy sources in Southeast Europe (including Turkey), as well as in the nearby neighboring region and the Middle East and North Africa. Launched by the European Investment Bank and KfW Development Bank, GGF is an innovative public-private partnership established to reduce energy consumption and CO₂ emissions.

Provides refinancing to local commercial banks, non-bank financial institutions such as microfinance institutions and leasing companies and other selected financial institutions providing loans to households, businesses, municipalities and the public sector for energy efficiency measures or renewable energy projects, and each of the measures supported by GGF should ensure at least 20 per cent energy savings or reduction of CO₂ emissions.

GGF also offers direct financing to energy service companies, renewable energy companies or projects, energy efficiency services, and suppliers that address energy savings and emissions targets.

GEF (Global Environmental Facility)

The GEF was established before the Earth Summit in Rio to address our planet’s most pressing environmental problems. Since then, it has provided more than $21.7 billion in grants and secured an additional $119 billion in co-financing for more than 5,000 projects and programs. The GEF is the largest multilateral trust fund focused on enabling developing countries to invest in nature and achieve implementation of major international environmental conventions, including biodiversity, climate change, chemicals, and desertification. The GEF brings together 184 member governments, civil society, international organizations and partners in the private sector. Through its Small Grants Program, GEF has supported more than 26,000 civil society and community initiatives in 135 countries.

KfW (Kreditanstalt für Wiederaufbau)

The German Development Bank (KfW) is one of the largest foreign banks that, in cooperation with our banks, provides favorable loans and approves loans to the Republic of Serbia for financing agriculture, energy efficiency, renewable energy and municipal infrastructure.

IFC (International Finance Corporation)

The International Finance Corporation (IFC), as one of the members of the World Bank Group, is the largest global institution oriented exclusively to the private sector of developing countries. It was founded in 1956 and is owned by 184 member countries that collectively determine its policy. The corporation’s work enables growing companies and financial institutions to create jobs, improve corporate governance and environmental performance, and contribute to their communities. One of the main tasks is to eradicate extreme poverty by the end of 2030. They also invest in developing countries, advise companies in the private sector, and manage various funds. They cooperate with other institutions within the World Bank but are legally and financially independent.

IPA (Instrument for Pre-Accession)

IPA is a fund of the European Union that provides non-reimbursable financial assistance to candidate countries and potential candidates for accession to the European Union. The general objectives of EU pre-accession funds are the strengthening of democratic institutions and the rule of law, affirmation and protection of human and minority rights and freedoms, gender equality and non-discrimination, state administration reform, including the establishment of decentralized management of EU funds (Decentralized Management-DM), implementation of economic reforms, development of civil societies, restoration and reconciliation, i.e. improvement of regional and cross-border cooperation.

Based on the Decision of the European Commission on the transfer of authority for the management of EU pre-accession aid programs to the appropriate bodies in the Republic of Serbia that have met the necessary requirements, the competencies for the independent management of EU pre-accession aid programs have been transferred. The establishment of Decentralized Management of EU funds represents an important step towards the accession of the Republic of Serbia to the European Union, i.e. preparation of the state administration of the Republic of Serbia for the use of EU Structural and Cohesion Funds.