The Green for Growth Fund (GGF) has announced a USD 2 million senior loan to Vitas Palestine Microfinance Private Shareholding Company (Vitas). This is the fund’s first investment in the Palestinian Territories and the first green facility by a development finance institution in the country.

Vitas, the second largest microfinance institution in the Palestinian territories, plans to use the GGF financing to promote energy efficiency measures among its client base. Leveraging their existing home improvement program, the financing will support loans for households to improve energy efficiency measures. Vitas will also raise awareness for energy efficiency among micro and small businesses as it moves into energy efficiency lending for this target group.

GGF Chairman Christopher Knowles said: “We are very pleased to announce our first transaction in the Palestinian Territories, following the fund’s expansion in 2016 into the Middle East and North Africa. This new partnership with Vitas puts GGF at the forefront in supporting energy efficiency in this market.”

The Green for Growth is EU co-funded Fund that invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.

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Press Release

Green for Growth Fund (GGF)