Provision of a senior unsecured loan of up to EUR 1.0 million to be provided in one single tranche to Komercijalna Banka Skopje under the Green Economy Financing Facility - Western Balkans (GEFF-WB).
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-WB. 100% of the use of proceeds will be related to Green Economy Transition investments.
ETI score: 80
The project is treated as an extension of the first GEFF line with KB Skopje signed in December 2020 (EUR 1 million signed under OpID 51726) and will receive the same PTI.
The project contributes to the objectives of GEFF WB, supporting the Green and Competitive TI qualities.
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 partner financial institutions for financing green economy projects.
KOMERCIJALNA BANKA AD SKOPJE
Komercijalna Banka ("KB") is the largest bank in the Republic of North Macedonia with assets of EUR 1.9 billion and a market share of 22.9% as of end-2020. The company is headquartered in Skopje and services the entire territory of North Macedonia through a network of 11 regional branches as well as 51 city-branches served by a total of 991 employees.
EBRD Finance Summary
Total Project Cost
Additionality is achieved by combining the necessary long-term financing, in the form of a senior loan, with technical support and targeted investment incentives into a package that promotes residential green economy investments in North Macedonia.
Environmental and Social Summary
Categorised FI (2019 ESP). KB is an existing client and has provided satisfactory Annual E&S Reports to the Bank to date. KB will be required to continue to implement the environmental and social risk management procedure for micro, SME and corporate loans; continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9, 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. The Project's actual use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.
Technical Cooperation and Grant Financing
TC: EUR 5.1 million for the overall Facility to support the preparation, implementation and monitoring of WB GEFF. Grant resources are provided by the Republic of Austria and the multi-donor funded Western Balkans Investment Framework ("WBIF") to fund TC programme under GEFF.
Non-TC: EUR 205,250 (for this project) 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 through WBIF.
Company Contact Information
+389 2316 8283
Orce Nikolov br. 3 P.O.B. 563 1000 Skopje Republic of North Macedonia
PSD last updated
08 Feb 2022
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