GEFF - Western Balkans - Komercijalna Banka Skopje


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 Oct 2020



PSD disclosed:

08 Oct 2020

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision of a senior unsecured loan of up to EUR 1 million to Komercijalna Banka a.d. Skopje ("KBS"), provided under the Western Balkans Green Economy Financing Facility ("GEFF"). The loan will have a tenor of up to 5 years, consisting of up to 2 years grace period and 3 years for principal repayment. KBS is the fifth bank in the North Macedonian market to join GEFF and to offer this kind of product to its sub-borrowers. 


Project Objectives

The transaction supports investments in high-performance energy efficiency technologies, materials and solutions undertaken in, or in relation to, privately-owned residential dwellings or buildings ("sub-projects") in North Macedonia. Sub-projects are selected according to technical and financial eligibility criteria set forth in the Policy Statement for GEFF. 100% of the use of proceeds will be related to Green Economy Transition investments.  

Transition Impact

ETI score: 80

Green: The project will contribute towards building a green economy by facilitating the expansion of residential energy efficiency lending in North Macedonia and positive demonstration effects of green economy projects. 

Competitive: The project will contribute towards building a more competitive financial sector through developing the internal capacity of the PFIs for financing green economy projects.

Client Information


KBS is the largest bank in the Republic of North Macedonia with assets of EUR 1.87bn and a market share of 22.7% at end-2019. The company is headquartered in Skopje and services the entire territory of North Macedonia through a network of 11 regional branches as well as 54 city-branches served by a total of 1,012 employees.


EBRD Finance Summary

EUR 1,000,000.00

Total Project Cost

EUR 1,000,000.00


Additionality is achieved by combining the necessary long-term financing in the form of the senior loan, risk mitigation due to EBRD's long-term relationship with a client, and knowledge, innovation, and capacity building via technical support, latest technology selector, and targeted investment incentives into a package that promotes residential green economy investments.

Environmental and Social Summary

Categorised FI (2019 ESP). KBS is an existing client and has provided satisfactory Annual E&S Reports to the Bank to date. KBS will be required to implement the environmental and social risk management procedure for micro, SME and corporate loans as well as the specific environmental and social eligibility criteria for renewable energy projects as applicable; continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9 and submit Annual E&S Reports to the Bank.

Technical Cooperation and Grant Financing

Tehincal cooperation (TC): EUR 5.1m for the overall Facility to support the preparation, implementation and monitoring of GEFF-WB. Grant resources are provided by the Republic of Austria and the multi-donor funded Western Balkans Investment Framework to fund TC programme under the GEFF.

Non-TC: EUR 0.2m for investment incentives to sub-borrowers for the implementation of eligible sub-projects in line with the Policy Statement.



Company Contact Information

Julijana Liptova
+389 2316 8283
Orce Nikolov br. 3 P.O.B. 563 1000 Skopje Republic of North Macedonia

PSD last updated

08 Oct 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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