Senior unsecured loan of up to EUR 1.0 million to Sparkasse Bank AD Skopje under the Western Balkans Green Economy Financing Facility II (WB GEFF II).
This facility will support investments in high-performance green technologies, materials and solutions undertaken in privately owned residential dwellings or buildings. The sub-projects will be selected according to technical and financial eligibility criteria set forth in the Policy Statement for WB GEFF II. 100% of proceeds will finance green investments.
ETI score: 80
Green: The project will contribute towards building a green economy by facilitating the expansion of lending for investments into high performance residential green economy technologies.
Competitive: The project will contribute towards building a more competitive financial sector by increasing the capacity of the partner financial institutions for financing green economy projects.
SPARKASSE BANK MACEDONIJA AD SKOPJE
Sparkasse Bank AD Skopje ("SBS") is a universal commercial bank and the 4th largest bank in North Macedonia, with 12.1% market share by total assets. It is 96.6% owned by Steiermarkische Bank und Sparkassen AG, Austria.
EBRD Finance Summary
Total Project Cost
Additionality is achieved by combining the necessary long-term financing via Sparkasse Bank AD Skopje with technical cooperation and investment incentives into a package that promotes residential green economy investments in North Macedonia.
Environmental and Social Summary
Categorised FI (ESP 2019). SBS is an existing client and was issued a waiver in May 2022 to comply with EBRD's E&S covenants by the next reporting period. Since the waiver, SBS has met all of the E&S covenants. SBS hired E&S staff, assigned E&S responsibilities to an individual in senior management, and integrated EBRD's PR 9 criteria for Corporate, SME and Micro Loans into its lending policy. Senior management have undergone EBRD's E&S e-learning programme. SBS will continue to send annual E&S reports to the Bank. Sub-borrowers financed through SBS's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The Project's 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), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach. SBS will be required to continue complying with PRs 2, 4 and 9 and fully comply with the EBRD E&S Exclusion List and FI Referral list introduced with ESP 2019.
Technical Cooperation and Grant Financing
Technical cooperation (TC): Up to EUR 2.965 million have been set for technical cooperation at the Facility level to support both partner financial institutions and sub-borrowers (including individuals, housing collectives, suppliers and vendors of green technologies, and service providers). The objective of the technical cooperation is to transfer know-how and raise awareness about investment in modern energy efficiency technologies in the residential building sector to support a green economy transition in the Western Balkans. The TC is essential to supporting the preparation, implementation and monitoring of the Facility. The TC is provided by the EBRD Shareholder Special Fund and the Government of Austria via the High Impact Partnership for Climate Action.
Non-TC: WB GEFF II will also be supported by non-TC funds of up to EUR 9.63 million to be provided by the EU via the European Western Balkans Joint Fund 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
Milka Ratajkoska - Joleska
+389 2 3167714
Vasil Iljoski 14, 1000 Skopje, North Macedonia
PSD last updated
30 Jun 2023
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