New green finance for SMEs and underserved individuals in North Macedonia

• €30 million of finance through the new Green Finance Facility 
• Financing will provide performance-based incentives to SMEs and underserved individuals in North Macedonia  
• Incentive grants and technical cooperation support from the United Nations and  government of North Macedonia 

New loan options with performance-based incentives will be available to small and medium-sized enterprises (SMEs) and creditworthy but underserved individuals and households from North Macedonia to finance their investments in renewable energy and energy efficiency solutions such as photovoltaics, heat pumps, inverters, solar panels and efficient heating systems. 

The new Green Finance Facility (GFF), worth €30 million, was launched last week in Skopje, where representatives from the government of North Macedonia, the United Nations (UN) family, the European Bank for Reconstruction and Development (EBRD) and commercial banks from the country met to mark this significant milestone.     

 “Considering that all countries are dealing with many challenges, such as the post-Covid economic recovery and energy crisis, I believe that this project, with products aimed at SMEs and individuals from underserved groups, is an excellent opportunity to express our strong commitment to accelerating the implementation of the 2030 Agenda and achieving the Sustainable Development Goals,” said Fatmir Bytyqi, the Deputy Prime Minister for Economic Affairs in the Government of North Macedonia.  

More widely, the GFF will help cut energy consumption and greenhouse gas emissions and will contribute to cleaner air in North Macedonia.   

The programme is aligned with and supports the achievement of Sustainable Development Goals (SDGs) and the UN Sustainable Development Cooperation Framework (SDCF) targets.  

Rania Sharshr, Director of Peace and Development Coordination at the International Organization for Migration (IOM), commented: “The implementation of this innovative climate solution includes government entities, UN agencies, an international financial institution, think tanks and private sector banks. It includes everyone. This model could be an example of partnership development that can scale up and replicate to other countries.”  

The GFF is implemented by the United Nations Development Programme (UNDP), the IOM and the United Nations Economic Commission for Europe (UNECE), together with the EBRD as the partner international financial institution. It is financially supported by the Joint SDG Fund, with co-financing from the government of North Macedonia.