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- New EBRD €3 million loan to Sparkasse Bank for residential energy efficiency investments
- High-performance green technology to benefit investors through savings
- Loan under expanded Western Balkans Green Economy Financing Facility
Households in North Macedonia will benefit from new support for investments in energy investments thanks to a new €3 million loan provided by the European Bank for Reconstruction and Development (EBRD) to Sparkasse Bank Makedonija AD Skopje under the Western Balkans Green Economy Financing Facility (WB GEFF).
Andi Aranitasi, Head of the EBRD office in Skopje, said: “We are pleased to intensify our cooperation with Sparkasse Bank Makedonija, a long-standing partner, with this new credit line. Sparkasse’s excellent market position will guarantee the successful rollout of our loans to many homeowners and housing associations. With our facility we will add meaning to the saying: ‘My home is my castle’, as for Macedonian homeowners it will soon be known as ‘My energy efficient home is my castle. 40% of greenhouse gas emissions come from buildings, making the GEFF programme a cornerstone of our support towards greening the Western Balkans. We are very committed to supporting North Macedonia’s green transition and, including this line, have already provided EUR 23.5 [AA1] [LN2] million to the country via our WB GEFF facility and will provide more soon.’”.
Gligor Bishev, President of the Board of Directors of Sparkasse Bank Makedonija, has also praised WB GEFF: “Our organization recognizes the advantages and benefits of financing projects to improve the energy efficiency in North Macedonia and to generate energy savings in the local market. Green loans for energy efficiency promotion integrate the benefits for households, suppliers of energy-efficient technologies, as well as for environmental protection, which is the focus of the Bank’s corporate social responsibility strategy.
Sub-loans will be available to individual borrowers as well as housing collectives, suppliers, vendors and service providers of green technologies for investments in high-performance green technologies. The loan will also represent the introduction of a new lending product based on environmental requirement, supporting also the development of a new market.
The Western Balkans Green Economy Financing Facility covers the countries Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia and provides finance for green economy investments in the residential sector as well as to businesses who provide energy efficiency and renewable energy products and services to households. WB GEFF has been recently expanded to €135 million in response to increased demand.
WB GEFF is implemented under the Regional Energy Efficiency Programme for the Western Balkans, co-financed by grant resources from the European Union, Western Balkan Investment Framework and the Austrian Federal Ministry of Finance. Donors provide critical support to the WB GEFF projects which mitigate or build resilience to the effects of climate change and other environmental threats.
The EBRD is a major institutional investor in North Macedonia. To date, it has invested more than €2.1 billion in 146 projects in the country. Supporting green energy is a priority for the Bank as it addresses one of the country’s most pressing challenges.