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Green Finance Facility - North Macedonia


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

14 Jun 2023



PSD disclosed:

09 May 2023

Project Description

The establishment of the Green Finance Facility in North Macedonia (the "GFF", the "Facility") of up to EUR equivalent of USD 30.4 million in favour of Participating Financial Institutions (the "PFIs") established in North Macedonia for on-lending to SMEs for investments in renewable energy (RE) and energy efficiency (EE) in accordance with the GFF Policy Statement. The GFF was developed in partnership with the United Nations (UNDP), with contributions from the Joint SDG Fund and from the Government of North Macedonia. 

Project Objectives

The Facility aims to support green economy investments in eligible renewable energy and energy efficiency measures under the Bank's Green Economy Transition ("GET") Approach. The Programme builds on the momentum created to date and focuses on the competitiveness and climate resilience of SMEs in North Macedonia. 

Transition Impact

ETI score: 65

The proposed Facility will contribute to the Green TI quality as primary quality by helping address the high energy and carbon intensity of the private sector in North Macedonia by allocating 100% of the Bank's investment to the Green Economy Transition of the country. Furthermore, the Facility with its secondary TI quality Competitive, will build towards a more competitive financial sector by building the capacity of the PFIs for financing green investments, while also increasing the competitiveness of SMEs in North Macedonia by shifting towards RE and EE technologies in their operations. 

Client Information

Clients under the GFF will be PFIs which include commercial banks and leasing companies in North Macedonia. 

EBRD Finance Summary

EUR 30,000,000.00

up to EUR equivalent of USD 30.4 million 

Total Project Cost

EUR 30,000,000.00

up to EUR equivalent of USD 30.4 million 


The Facility provides an innovative financing structure with longer tenor than the market average.  It will support knowledge transfer and capacity building in addition to being a standard-setter for PFIs and SMEs by utilising EBRD expertise on higher financial standards and through high quality investment requirements in the realm of RE and EE investments. The GFF is the first FI Facility in North Macedonia that will focus significantly on renewable energy investments.

Environmental and Social Summary

Categorised FI (ESP 2019): PFIs under this Framework that are existing clients to the Bank will be required to continue to comply with EBRD Performance Requirements (PRs) 2, 4 and 9; implement the applicable 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 Environmental and Social Reports to the Bank. Any PFIs utilising this Facility and are new to the EBRD will need to complete the standard Environmental and Social Due Diligence Questionnaire for Financial Intermediaries, and agree any required actions to ensure compline with PRs 2,4 and 9, prior to utilisation of Bank funds. All PFIs financed under this Framework will be required to comply with national environmental, health, safety and labour (EHSL) requirements.


The Project's use of proceeds or allocated multiple 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.


All Sub-projects will be 100% GET. The GET eligibility under GET Handbook 2022 will be specified in the Technical Eligibility Criteria for Green Economy Transition (GET) Sub-Projects Annex of the Policy Statement.

Technical Cooperation and Grant Financing

The Facility will be supported by a donor-funded Technical Cooperation package EUR equivalent of USD 1.6 million funded by the Joint SDG Fund via the United Nations Development Programme ("UNDP") with the objective to transfer know-how, and raise awareness of EE and/or RE investments for local SMEs to support the green and inclusive economy transition of the private sector in North Macedonia, implemented by the Project Consultant. The package also includes a grant component in the form of investment incentives of up to EUR equivalent of USD 3.0 million funded by the SDG Fund (via UNDP) and the government of North Macedonia. 

Company Contact Information


Implementation summary

PSD last updated

09 May 2023

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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