Provision of a senior unsecured loan of up to EUR 1.5 million to be provided in one tranche under the Western Balkans GEFF III - REpower Residential ("GEFF III" or the "Programme").
The loan is intended to provide sub-loans to help finance investments in high-performance energy efficiency technologies, materials and solutions undertaken in or in relation to privately owned residential dwellings or buildings, construction of GET-eligible High energy Performance Residential Buildings (HPRBs) and eligible Energy Efficiency (EE) and/or Renewable Energy (RE) projects in the Public Sector. 100% of the use of proceeds will be related to Green Economy Transition ("GET") investments.
ETI score: 70
The project will contribute to the overall Programme objectives and support the Green TI quality with 100% of the use of proceeds allocated to Green Economy Transition activities.
PROCREDIT BANK AD
ProCredit Bank Skopje ("PCBM") is a universal commercial bank, currently the 6th largest on the Macedonian market, with participation of 6.2% in terms of total assets and 7.5% in terms of customer loans as of end-2021. It is considered systemic by the National Bank of the Republic of North Macedonia ("NBRNM").
EBRD Finance Summary
Total Project Cost
Additionality is achieved by combining the necessary long-term financing with TC, targeted investment incentives and policy dialogue into a package that promotes residential green economy investments in North Macedonia.
Environmental and Social Summary
Categorised FI (2019 ESP). PCBM is an existing client and has provided satisfactory Annual E&S Reports to the Bank to date. PCBM will be required to continue to implement the Environmental and Social Risk Management Procedures for Micro, SME and Corporate loans; continue to comply with the EBRD's Performance Requirements 2, 4 and 9, including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019. As applicable, sub-loans under the GEFF III facility will need to comply with the E&S Eligibility Procedures for wind, hydro, solar, geothermal or biomass projects. In light of the recent reported forced labour concerns in the solar supply chain, solar PV technologies produced by high risk manufacturers will not be eligible for financing under this GEFF Facility until the Bank is satisfied with the integrity of those manufacturers. Any on-lending involving solar PV technologies will undergo screening through use of the Green Technology Selector (GTS) from which suppliers and technologies with reported links to potential forced labour issues have been removed. If a supplier not listed in the GTS is proposed, further assessments of suitability of supply chain risk assessment and mitigation will be required.
Technical Cooperation and Grant Financing
The project will be supported by a comprehensive technical assistance to PCBM and sub-borrowers to facilitate the project preparation and successful implementation of the WB GEFF III programme.
The source for TC funds is the Japan-EBRD Cooperation Fund and other potential donors.
The source for non-TC funding is the Government of Switzerland via EBRD's Special Fund For The High Impact Partnership On Climate Action ("HIPCA") and other potential donors.
Company Contact Information
+ 389 02 3219 574
Manapo 7 1000 Skopje Republic of North Macedonia
PSD last updated
25 Nov 2022
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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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).
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