EBRD to boost energy efficiency in North Macedonia
- EBRD 2nd €2 million loan to Sparkasse Bank Makedonija for energy efficiency
- Investments in green technology to boost energy efficiency and generate savings
- GEFF supported by EU, Austria and Western Balkans Investment Framework
A new €2 million loan by the EBRD to Sparkasse Bank Makedonija will support efforts to improve energy efficiency in North Macedonia and generate energy savings in the residential sector.
Sparkasse Bank Makedonija will on-lend funds to local households, housing associations and service providers planing to invest in energy efficiency and renewable energy projects. The EBRD financing comes under the Green Economy Financing Facility Programme (GEFF).
Possible investments will include green technologies such as insulation, windows, heating pumps, solar panels and other energy efficient utilities. The building stock in North Macedonia is in urgent need of refurbishment and the introduction of insulation, for example, is expected to lower costs and improve comfort. The households will have an opportunity to get 20% grant for their investment. This will be the 2nd GEFF loan to Sparkasse Bank Makedonija due to the market demand that surpassed the previous EUR 2 million which Sparkasse placed on the market since 2017.
GEFF in North Macedonia is part of the EBRD’s €85 million Western Balkans Green Economy Financing Facility, launched in 2017. The programme is a joint initiative by the European Union (EU), the Austrian Federal Ministry of Finance and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF).
It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus), funded by the EU and implemented in partnership with the Energy Community Secretariat. REEP Plus has also delivered policy support for harmonising the country’s law on energy efficiency and regulations for energy efficiency in buildings with the relevant European directives.
The EBRD is a major institutional investor in North Macedonia. To date, it has invested more than €1.9 billion in 123 projects in the country. Supporting green energy is a priority for the EBRD as it addresses one of the country’s most pressing challenges.
