Municipalities in Eastern Europe

Since our founding, Nefco has generated positive environmental impacts in Eastern Europe through green investing. We have extensive experience in working directly with municipalities, financing projects, building capacity and monitoring results.

Being an international financial institution, our mandate includes dealing with the risk of lending to medium-sized and small municipalities. We are currently financing projects in Georgia, Moldova, and Ukraine. These range from loans to energy-saving projects to grant-funded green recovery actions in Ukraine. We also provide technical assistance for feasibility studies and project implementation support in connection with the projects we finance.

Green recovery for Ukraine

Funding for building back greener and better in Ukraine. Recovery projects already ongoing. Find out what and how.

Green recovery in Ukraine

Energy efficiency in Moldova

Festelita village in Moldova

Creating opportunities for energy-efficiency modernisations, renewable energy, and environmentally beneficial projects. Find out more about our available financing in Moldova.

Green projects in Moldova

Energy efficiency in Georgia

Supporting the green energy transition and improving learning environments. Discover how we’re accelerating the green transition in Georgia.

Green loans in Georgia

Other activities in Ukraine

We have extensive experience in supporting Ukraine’s green transition. Nefco has financed renewable energy and energy efficiency projects, and modernisations of district heating and municipal water and wastewater treatment facilities since 2010.

Find out more about our work in Ukraine

Activities in Arctic and Barents Regions

For the past 30 years, until Russia’s invasion of Ukraine, Nefco supported actions and financing for environmental and climate-related work in the Arctic and Barents Regions. This included being the fund manager of the Barents Hot Spots Facility and the Arctic Council Project Support Instrument.

Our financed projects in the Arctic and Barents Regions

Key figures from our Eastern Europe portfolio

86

active investments and trust fund projects at the end of 2024

1,000+

internally displaced persons have received shelter

€323m

raised for green recovery actions in Ukraine

60

ongoing recovery projects in Ukraine

Transparency is the cornerstone of our practices

We require transparency and integrity in procurement and we employ strict control measures to mitigate the risk of prohibited practices in our projects.

Learn more about how we work in Ukraine

Military medic is one of the new residents of the first building completed in Lviv

Roman, a military medic returned from Russian captivity, shares his experience of temporary accommodation in the first newly building for internally displaced persons (IDPs) in Lviv, which is financed by the EU and managed by Nefco, as part of an ongoing initiative to provide urgent accommodation for IDPs.

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Solar-powered critical infrastructure project sparks a sustainable energy shift

Official opening of solar power plants in Chortkiv - Nefco and city representatives

The completed project in Chortkiv is the first solar energy project implemented by Nefco to support critical infrastructure in Ukraine. The solar power plants were officially commissioned on 23 September 2025 with all involved project partners present in the city.

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Contact us

Ulf Bojö Vice President, Green Transition Eastern Europe
+358 10 6180 637
ulf.bojo@nefco.int
Swedish, English, Russian, Italian

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