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

Our Eastern Europe portfolio at end 2023


active investments and trust fund projects


savings in electricity usage


raised for green recovery actions in Ukraine


ongoing recovery projects in Ukraine

How Nefco works in Ukraine

In 2009, Nefco and Ukraine signed a framework agreement that provides a legal framework for Nefco’s operations in Ukraine. The framework agreement enables Nefco to provide financing to municipalities and carry out projects in an efficient way. This supports the country in its transition to a green economy and benefits the communities and ordinary people of Ukraine.

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A new life for displaced Ukrainians in Chortkiv

Iryna with her husband

Since the beginning of the full-scale invasion, the Chortkiv community has received more than six thousand IDPs from the war-torn east and south of Ukraine. To assist the municipality in accommodating new residents, a dormitory in Chortkiv underwent reconstruction and energy-efficient modernisation, funded by the European Union and managed by Nefco.

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‘Our work restoring Ukraine’s critical infrastructure yields tangible results’

Seventeen Ukrainian communities are currently receiving support to restore critical infrastructure after severe damages due to Russia's full-scale invasion. Contributing to the progress of the critical infrastructure programme are Nefco team members, all adept at carrying out a range of tasks and proficient in managing multiple projects.

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Contact us

Ulf Bojö Vice President, Green Transition Eastern Europe
Swedish, English, Russian, Italian

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