Russian Sustainable Energy Finance Program

Project Summary

The primary goal of this project is to build capacity in Russian financial institutions through the process of developing and marketing specialized EE finance products targeting appropriate market niches and financing EE projects as a direct result. The Program aims to establish sustainable lending practices in the Russian financial sector which support EE investment. The Program’s focus on transactions is intended to support FIs such that they: a) understand that energy efficiency projects are viable investments that improve the financial stability of their clients and reduce the banks’ overall risk exposure; b) examine industry related loans and leases from an energy efficiency perspective; c) actively build a portfolio of energy efficiency projects; and (d) develop specialized financial products which target niche markets for EE finance.

Project Details

GEF Project ID
Project Type
Full-size Project
Project Approved
Russian Federation
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
GEF Period:
GEF - 3
Approval Fiscal Year:


Project Preparation Grant Amount
GEF Project Grant
7,000,000 USD
Co-financing Total
23,250,000 USD
GEF Agency Fees
630,000 USD
Total Cost 30,250,000.00 USD

Project Timeline

Received by GEF
19 Jun 2003
Concept Approved
01 Jul 2004
Project Approved for Implementation
16 Mar 2005
Project closed