The funds will be available to private borrowers for investments in energy saving measures such as insulation, windows, heat pumps, solar panels and other solutions. Once the measures are successfully installed, borrowers will be eligible for a grant of up to 20 per cent of the loan amount, funded by the European Union (EU).
Andi Aranitasi, EBRD Head of North Macedonia, said: “We are pleased to build on our successful partnership with Komercijalna Banka Skopje and to increase our support for energy efficiency investments in the country. Investments in energy efficiency have multiple benefits. They lead to lower electricity bills for citizens, but also to lower electricity production and consumption in the country, and ultimately lower CO2 emissions.”
As of February 2022, GEFF in North Macedonia has reached almost 2.700 households and provided loans of almost €20 million. The most frequently financed technologies are windows and doors, insulation and heat pumps.
Komercijalna Banka Skopje joined GEFF programme in 2020 and has already supported energy efficiency investments of its borrower’s worth over €1 million.
Quote suggestion for KB “Loans offered under the GEFF credit line were excellently accepted by our retail clients, and within a short period of time, significant demand was created for this attractive and environment friendly product. This is an additional proof that this kind of support of the households in the implementation of green technologies is necessary and important.”
The credit line is part of the GEFF programme for the Western Balkans, which is supported by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance, and is part of the Regional Energy Efficiency Programme (REEP) for the Western Balkans. The aim of the programme is to support the region, known for its high energy intensity, to improve energy efficiency in its residential sector, which is one of the biggest energy consumers.
The EBRD is a major institutional investor in North Macedonia. To date, it has invested €2.2 billion in 154 projects in the country. Supporting green energy is a priority for the Bank as it addresses one of the country’s most pressing challenges.
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