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 with both loans and grant funding. These range from energy-saving projects to 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. Find out how we’re helping Ukraine’s green recovery.

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 2022


active projects


funds committed


of total active portfolio


local citizens benefitting

Modernised street lighting saves energy

Modernised street lighting in Bila Tserkva

The city of Bila Tserkva, with about 215,000 inhabitants and situated some 90 km Southwest from Kyiv in Ukraine, modernised over half of its street lighting system in 2018-2019 with financing from Nefco.

Read more

Energy-efficienct schools and day-care centres

Energy-efficiency modernised day-care center No. 431 in Kyiv, Ukraine

Over 300 public buildings, primarily day-care centres and schools, were refurbished and modernised with Nefco loan financing and E5P grant financing in Kyiv, Ukraine. The project has improved the learning environment for over 190,000 children and staff.

Read more

Contact us

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

Want to know more?

Subscribe to our newsletter

Our digital newsletter is being published 4-6 times a year. To stay updated on our projects and activities, sign up here.