EBRD and EU support energy efficiency in North Macedonia
€2 million EBRD loan to NLB Bank Skopje for on-lending to residential sector
EBRD €2 million loan to NLB Bank Skopje
New financing to support investments in energy saving measures
Donor support from the European Union, Austria and Western Balkans Investments Framework
The European Bank for Reconstruction and Development (EBRD) is extending a €2 million loan to NLB Skopje in North Macedonia, the third largest bank in the country. The NLB will on-lend the funds to its clients for investments that will help improve energy efficiency of their homes.
The financing comes under the Green Economy Financing Facility (GEFF), the EBRD programme which promotes investments in energy efficiency in the residential sector. Borrowers who apply for GEFF loans are also eligible for cashback of up to 20 per cent of their total investment, once energy efficiency measures have been implemented successfully. Funds for grant incentives are provided by the European Union (EU).
Andi Aranitasi, EBRD Head of North Macedonia, said: “We are very pleased to step up our cooperation with NLB Bank Skopje in effort to improve access for citizens looking to improve energy efficiency of their homes, under our increasingly popular GEFF programme. With rising prices of energy across Europe, citizens can use GEFF loans to reduce their energy consumption and reduce bills”.
Steffen Hudolin, Head of Cooperation in the EU Delegation to North Macedonia stated: “The EU remains committed to provide support to the country, also during this energy crisis by supporting energy efficiency programmes that benefit the citizens and their households. For us and future generations, we have to think beyond today, offering good financial programmes that will generate cheaper energy bills. Our future is green, and a transition to clean and sustainable energy is about making a good investment today.”
„As one of the three largest and systemically most important banks in the country, we believe that we have an important role in creating the overall climate for financing the green economy. With this credit line we continue to provide easier access to households to finance projects for renewable energy sources, achieving energy savings and environmental protection, which fully corresponds to our policy of responsible lending and sustainability. We are proud on the cooperation with EBRD so far and the contribution we have in raising awareness of the importance of energy efficiency, as well as in the overall success of the GEFF program in the Western Balkans“, says Branko Greganovic, President of the Management Board of NLB Banka Skopje.
NLB Banka AD Skopje is one of the three largest Macedonian banks, with a network of 48 branches nationwide, through which funds from this credit line will be placed.
In addition to EU-funded incentive grants, GEFF is also supported by Austria and Western Balkans Investment Framework (WBIF) who provide funding for the programme’s technical assistance.
The EBRD is a major institutional investor in North Macedonia. To date, it has invested more than €2.2 billion in 154 projects in the country.
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