Western Balkans GEFF III



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 Sep 2022



PSD disclosed:

04 May 2022

Project Description

The establishment of a Western Balkans Green Economy Financing Facility III ("WB GEFF III" the "Facility" or the "Programme") in Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia (collectively, the "Western Balkans" or the "WB") for up to EUR 170 million in total financing to qualifying Partner Financial Institutions (PFIs) for financing green investments in the Residential and Public Sector in line with the Bank's Green Economy Transition ("GET") Approach. The Facility is supported by Technical Cooperation ("TC") and incentive payments, as envisaged by the Green Economy Financing Facility ("GEFF") Framework.  

Project Objectives

The project aims to support green economy investments in eligible energy efficiency and renewable energy measures under GET Approach. The Programme builds on the momentum created to date under the ongoing Western Balkans Green Economy Financing Facility I and II by expanding final beneficiaries to construction companies for constructing GET-eligible high energy performance residential buildings and the public sector to accelerate the green transition in the economy at the market level in the region.    

Transition Impact

ETI score: 70

The Facility contributes to the Green TI quality by helping address the high energy and carbon intensity of the residential and public sectors in the Western Balkan region through developing the capacity of local PFIs to provide green lending that drives Western Balkan's transition to an environmentally sustainable, lower-carbon and climate-resilient green economy. All of the funding allocated to PFIs under this Framework will have to be used in respect of projects that qualify for 100% GET.

Client Information

PFIs will be local financial institutions (commercial banks, microfinance institutions and other credit institutions) established and operating in the Western Balkans countries.

EBRD Finance Summary

EUR 120,000,000.00

Up to EUR 170,000,000

Total Project Cost

EUR 170,000,000.00

Up to EUR 170,000,000


Additionality is achieved by combining the necessary longer-term financing, which is not available from commercial sources to finance green investments, with technical support, targeted investment incentives and policy dialogue into a package that promotes green economy investments in the residential and public sectors. EBRD remains eth only IFI in the region which supports green investments in the targeted sectors a comprehensive manner. WBGEFF III also aims to introduce a modular approach to gender additionality.

Environmental and Social Summary

Categorised FI (ESP 2019): It is anticipated that the PFIs under this Framework which are existing clients of the Bank will already be familiar with EBRD's E&S requirements applicable to FIs. Any new PFIs that might participate under this Framework will have to complete the E&S Due Diligence questionnaire to be returned to ESD for review. Beneficiaries financed under this facility will be required to comply with national requirements for environment, health and safety and labour standards and the E&S eligibility criteria for solar, hydro, wind, bioenergy and geothermal power projects, where applicable, as well as other GET eligibility criteria as per the GET Policy Statement. This will be confirmed to PFIs by a Facility Consultant engaged by the EBRD. All PFIs under the Framework will be required to comply with EBRD's Performance Requirements 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate Lending and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their GET benefits.

Technical Cooperation and Grant Financing

The Facility will be supported by a donor-funded Technical Cooperation package of up to EUR 6.4 million, implemented by a Facility Consultant. The initial amount of EUR 4.5 million TC is provided by the European Union (EU) through Western Balkans Investment Framework (WBIF) and the government of Japan through Japan-EBRD Cooperation Fund.

Company Contact Information


PSD last updated

04 May 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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