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Green Finance Facility - Sparkasse Bank AD Skopje


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

14 Jun 2023



PSD disclosed:

09 May 2023

Project Description

Provision of a long-term senior unsecured loan of up to EUR 7 million to be provided in two equal tranches for on-lending to small and medium-sized enterprises ("SMEs") in North Macedonia for investments in renewable energy ("RE") and energy efficiency ("EE"). The loan comes as the pilot project under the Green Finance Facility - North Macedonia (the "GFF", the "Facility"), established in partnership with UNDP, with contributions from the Joint SDG Fund and the government of North Macedonia. 

Project Objectives

The loan aims to support green economy investments in eligible RE and EE measures under the Bank's Green Economy Transition ("GET") approach. The project will build on the momentum created to date and it will focus on the competitiveness and climate resilience of SMEs in North Macedonia. 

Transition Impact

ETI score: 65

The project will contribute to the overall Facility objectives and support the Green and Competitive TI qualities. The proposed project 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, with its secondary TI quality Competitive, the project will build towards a more competitive financial sector by building the capacity of the PFI 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


Sparkasse Bank AD Skopje ("SBS") is a universal commercial bank and the 4th largest bank in North Macedonia, with 12.7% market share by total assets. It is 96.6% 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 SBS in July 2021. It is considered a systemically important bank by the National Bank of the Republic of North Macedonia.

EBRD Finance Summary

EUR 7,000,000.00

Total Project Cost

EUR 7,000,000.00


Additionality is achieved by combining the necessary long-term financing with technical support and targeted investment incentives into a package that promotes green investments that will improve the competitiveness of SMEs. 

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 SBS and sub-borrowers to facilitate the project preparation and successful implementation of the GFF facility. The source for TC funds is the Joint SDG Fund via the United Nations Development Programme ("UNDP"). The package also includes a grant component in the form of investment incentives funded by the Joint SDG Fund (via UNDP) and the Government of North Macedonia.

Company Contact Information

Milka Ratajkoska - Joleska
+389 2 3167714
Vasil Iljoski 14, 1000 Skopje, Republic of North Macedonia

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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