ProCredit Bank Macedonia first bank in the WB region to join the new GEFF III facility
The European Bank for Reconstruction and Development (EBRD) and ProCredit Bank Macedonia (ProCredit) are stepping up efforts to promote energy efficiency in North Macedonia with additional funds being made available to homeowners for energy saving improvements.
The EBRD is extending a €1.5 million loan to ProCredit, which will made the funds available to its clients for investments in energy-efficient measures.
The financing is secured under Green Economy Financing Facility (GEFF) programme for the Western Balkans, which supports energy-efficient solutions to build a greener and more sustainable economy. The new loan to ProCredit marks the start of the third phase of the GEFF programme in the Western Balkans region, whereGEFF has already helped more than 14.000 homeowners in the region with over EUR 75m in loans.
Andi Aranitasi, EBRD Head of North Macedonia, said: “We are pleased to work for the third time with ProCredit Bank under GEFF and to see that favourable financing will be made available through our GEFF line to households in North Macedonia for investments in energy efficiency measures. These investments will allow them to improve the comfort of their households, but also lower their electricity bills.”
,,We are continuing with the successful cooperation with EBRD and the support of the households in North Macedonia that want to make energy efficiency investments and an increase in the energy independence, which is of particular importance in the current conditions of incising electrical power price. For that purpose we have signed a new agreement with EBRD through the GEFF Program, with which we can offer loans for investment in photovoltaics, cooling and heating systems, heating pumps, windows and doors, inner and external isolation. The main benefit for the clients is the grant or return of the investment up to 20%. This is part of our striving towards building sustainable and green energy, and is within the corporate philosophy of ProCredit Bank, dedicated to promotion of the eco-investments which will make real impact of the society “, stated Stevce Kuzmanovski, Management Board Director, ProCredit Bank Macedonia.
Homeowners will be able to apply for loans for investments in insulation, windows, heat pumps, solar panels and other improvements, with a view to increasing the energy efficiency of their homes and reducing energy intensity. After successful implementation borrowers will be eligible for a grant of up to 20 per cent of the loan amount, funded by the government of Switzerland through High-Impact Partnership on Climate Action (HIPCA) and the government of Japan. GEFF programme is also co-financed by the EU, the Austrian Federal Ministry of Finance, and bilateral donors to the Western Balkans Investment Framework (WBIF).
As of end Nov 2022, the GEFF in North Macedonia has reached more than 3,500 households and provided loans of almost €27.5 million for individual projects through partner financial institutions. These have contributed to more than 17,000 MWh of energy savings and a reduction of almost 7,000 tonnes of CO2 emissions per year. The most frequently financed technologies are windows and doors, insulation, biomass boilers and heat pumps.
The EBRD is one of the leading institutional investors in North Macedonia. To date, it has invested nearly €2.5 billion in projects from various sectors of the economy.