Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

Western Balkans GEFF II - ProCredit Bank Macedonia II


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

04 Jul 2023



PSD disclosed:

05 Jul 2023

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 AD Skopje ("PCBM"), the 6th largest bank in North Macedonia, under the Western Balkans GEFF II Programme (the "programme" or "WB-GEFF II").

Project Objectives

The loan is envisaged to provide financing for on-lending to residential sector (individuals, housing collectives, producers, vendors of green technologies, and service providers) for investments supporting Green Economy Transition ("GET") in North Macedonia.

Transition Impact

ETI score: 80

Green: The project will contribute to building a green economy by facilitating the expansion of lending for investments into high performance residential green economy technologies.

Competitive: The project will contribute to a more competitive financial sector by capacity building of PFIs for green economy financing. 

Client Information


Founded in 2003, Procredit Bank AD Skopje ("PCBM") is the 6th largest bank on the Macedonian market with assets of EUR 685m and a market share of 6.2% by total assets, 7.1% by net loans and 6.0% by customer deposits (YE2022). 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

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 (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 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 II facility will need to comply with the E&S Eligibility Procedures for wind, hydro, solar, geothermal or biomass projects. If EBRD funding may be used for financing solar PV technologies these 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: TC funds of up to EUR 2.965 million at the Facility level to support PFIs and sub-borrowers (individuals, housing collectives, suppliers and vendors of green technologies, and service providers) for transfer of know-how and awareness raising about investments in modern energy efficiency technologies in the residential building sector. TC funds for the proposed transaction are sourced from (i) the Republic of Austria via EBRD's High-Impact Partnership for Climate Action ("HIPCA") and (ii) EBRD's Shareholder Special Funds ("SSF").

Non-TC: GEFF-WB II will also be supported by non-TC funds of up to EUR 9.63 million (for this sub-project amounts up to EUR 204,500) to be provided by the EU via the European Western Balkans Joint Fund ("EWBJF"), the multi-donor fund under the Western Balkans Investment Framework ("WBIF"), for investment incentives payments to sub-borrowers for the implementation of eligible sub-projects in line with the levels and eligibility criteria as set forth in the Policy Statement of the Facility.

Company Contact Information

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

PSD last updated

05 Jul 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.


GDPR Cookie Status