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The EBRD is providing a loan of up to €1 million Procredit Bank Macedonia stepping up its support for the green economy in the country. The funds will benefit energy efficiency improvements of residential buildings, help reduce greenhouse gas emissions and improve homeowners’ quality of life.
Procredit Bank Macedonia 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 boilers, windows and lighting. 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. Procredit Bank Macedonia will be the third Macedonian bank to join the GEFF Facility.
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 118 projects in the country. Supporting green energy is a priority for the Bank as it addresses one of the country’s most pressing challenges.