GEFF - Western Balkans - Procredit Bank Macedonia


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

08 Dec 2020



PSD disclosed:

09 Dec 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 1.0m to Procredit Bank Macedonia ("PCBM"), the 6th largest bank in North Macedonia, under the GEFF Western Balkans Programme (the "programme" or "GEFF").

Project Objectives

The GEFF transaction will support investments in high-performance green technologies, materials and solutions undertaken in privately owned residential dwellings or buildings ("sub-projects"). Sub-projects will be selected according to technical and financial eligibility criteria set forth in the Policy Statement for GEFF-WB. The latter will be an integral part of the loan agreement to be signed with PCBM. 100% of the use of proceeds will be related to Green Economy Transition ("GET") investments. 

Transition Impact

ETI score: 80

The project contributes to the objectives of GEFF-WB, supporting the Green and Competitive TI quality.

Green: The project will contribute towards building a green economy by facilitating the expansion of residential energy efficiency lending in 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


Founded in 2003, Procredit Bank Macedonia (the "company" or "PCBM") is the 6th largest bank on the Macedonian market with assets of EUR 498m and a market share of 5.5% by total assets, 7.1% by net loans and 5.0% by customer deposits (2020Q2). The company is headquartered in Skopje and services the entire territory of North Macedonia through a small network of branches and service centres.

EBRD Finance Summary

EUR 1,000,000.00

A senior unsecured loan of up to EUR 1m from the GEFF Facility.  Tenor: up to 7 years maturity (consisting of 2 years grace and 5 years for principal repayment), FEF: 1.0%, CF: 0.5%, Margin 1.9% above six month EURIBOR.  

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, with technical support, targeted investment incentives into a package that promotes residential green economy investments. 

Environmental and Social Summary

Categorised FI (ESP 2019). PCBM is an existing client and has provided satisfactory annual E&S Reports to the Bank to date. They are required to continue to comply with PRs 2, 4 & 9, implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit annual E&S reports to the Bank. Sub-borrowers financed through PCBM's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. Potential renewable energy investments under the GEFF framework will have to follow the E&S eligibility criteria for such investments (solar, wind, geothermal, bioenergy or hydro power, as the case may be).

Technical Cooperation and Grant Financing

TC: EUR 5.1m have been set for TC support at Facility level. PCBM in principle agreed to share up to 15% of TC costs that benefit them directly through conducting a marketing campaign. Exact amount to be defined during project implementation. 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 205,250 is sourced from the European Union at the framework level for investment incentives to sub-borrowers for the implementation of eligible sub-projects in line with the Policy Statement. Grant funds are provided by the European Union to finance investment incentives to sub-borrowers. 

This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

Company Contact Information

+389 02 3219 574
ul. Manapo 7, 1000 Skopje, N.Macedonia

PSD last updated

09 Dec 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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