Case example: Boosting green financing in Ukraine

The direct investment from Nefco will help Bank Lviv develop its green financing operations and support the green transition in Western Ukraine.

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Why apply for financing from Nefco?

Nefco provides loans to local financial institutions (banks and leasing companies) in Eastern Europe, which then on-lend to their existing and new clients for environmentally beneficial projects. Our financing promotes environmental awareness and practices within its partner financial institutions which also transfers and impacts end-users perception and thinking. We are a highly credited green international financial institution with green focus, offering environmental expertise to partner financial institutions. All loan programmes with local banks entail that origination, implementation, analysis and monitoring lies with the local financial institution.

Who can apply?

Financial institutions (banks and leasing companies). We prioritise banks that already have some experience of working with other international financial institutions where accepted international corporate governance principles as well as environmental guidelines have been incorporated.


Armenia, Estonia, Georgia, Latvia, Lithuania, Moldova, Poland, and Ukraine

Scope of project

Financing from Nefco is directed at sub-projects of financial institutions with positive environmental benefits. We welcome the use of Nordic technology or equipment in sub-projects whenever possible. Types of sub-projects:

  • Renewable energy: biomass, wind, solar, geothermal and small-scale hydro power projects.
  • Energy efficiency measures
  • Modernisation of industrial production processes
  • Raw material and resource savings
  • Wastewater treatment and waste management
  • Climate mitigation and adaptation
  • Mitigation of hazardous substances

Type of financing

  • Loan – up to EUR 5 million
  • Subordinated loan – up to EUR 5 million
  • Grants: possibilities for Technical Assistance grants, consultancy or promotional activities
  • Environmental consultation and seminars provided by Nefco

Risk assessment

  • Nefco financing can be for up to 7 years
  • Currency: EUR
  • Amount: up to EUR 5 million
  • Bullet loan structure which enables revolving possibilities for new projects.
  • Interest rates: market terms, fixed or floating rate interest

How we work

As an international financial institution we have a range of policies and guidelines that will help you understand how we work both internally and with our partners and customers. Read more about our legal framework and guidelines.

We welcome project proposals which aim to generate positive environmental or climate-related results. Read more about our environmental and sustainability criteria and guidelines.

Projects should also contribute to the global sustainability goals.

We will also ask you to fill in the Sustainability Questionnaire.

How to apply

Please contact Thor Thorsteinsson our Vice President, Green Transition Nordic SMEs for more information. See contact details below.