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Western Balkans GEFF III - Sparkasse Bank AD Skopje


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

08 Mar 2023



PSD disclosed:

31 Jan 2023

Project Description

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").

Project Objectives

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 Green Economy Transition ("GET") - eligible High energy Performance Residential Buildings ("HPRB"s) and eligible Energy Efficiency ("EE") and/or Renewable Energy ("RE") projects in the Public Sector.

Transition Impact

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. 

Client Information


Sparkasse Bank Makedonija AD Skopje ("SBM") is a universal commercial bank and the 4th largest bank in North Macedonia, with 11.4% market share by total assets. It is 95.7% owned by Steiermarkische Bank und Sparkassen AG, Austria, which also acquired Ohridska Banka ("OB", another client of the Bank) from Societe Generale and merged it into SBM in July 2021. It is considered a systemiclly important bank by the National Bank of the Republic of North Macedonia.

EBRD Finance Summary

EUR 1,500,000.00

Total Project Cost

EUR 1,500,000.00


Additionality is achieved by combining the necessary long-term financing with Technical Cooperation, targeted investment incentives and policy dialogue into a package that promotes residential green economy investments in North Macedonia.

Environmental and Social Summary

Categorised FI (ESP 2019). SBM is an existing client and its performance to date for existing exposures has been satisfactory. SBM will be required to continue to comply with PRs 2, 4 and 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 SBM's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. 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 SBM 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

Milka Ratajkoska - Joleska
+389 2 3167714
Str. Makedonija 34, 1000 Skopje

PSD last updated

31 Jan 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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