The European Bank for Reconstruction and Development (EBRD) is topping up its support for green finance in North Macedonia with a loan of up to 3.5 million euros for Komercijalna Banka AD Skopje. Under terms of the Green Economy Financing Facility (GEFF), the co-financed project by the European Union (EU) and Japan is intended to support energy-efficiency investments by homeowners, housing collectives, producers and service providers in North Macedonia.
The loan agreement was signed by EBRD President Odile Renaud-Basso and Maja Stevkova Sterieva, Chief Financial Officer of Komercijalna Banka AD Skopje. Renaud-Basso said the EBRD was proud to continue its support for North Macedonia’s green energy transition “by funding energy-efficiency upgrades in residential buildings”, which she described as the country’s “largest consumers of energy”. In addition to contributing to a green and sustainable future for North Macedonia, the project directly benefits its citizens by reducing energy bills and enhancing the lives of homeowners,she added.
Ms Stevkova Sterieva welcomed the support for green loans given that “it helps to make households more energy-efficient, facilitates energy savings and improves the quality of life.” Moreover, it would contribute to efforts to address the challenge of climate change and help “create a healthier and cleaner environment.”
The loan to Komercijalna Banka AD Skopje under the GEFF programme will support high‑performing green technologies, materials and solutions for privately owned residential dwellings and buildings. Investment in energy-saving equipment will reduce greenhouse gas emissions and cut energy costs. It will also help address the high energy and carbon intensity of North Macedonia’s residential and public sectors. Komercijalna Banka AD Skopje will receive technical assistance to help it establish a new financing model tailored specifically to serve green lending in the residential sector. Support will also be available to stakeholders like construction companies and vendors/producers of green technologies, as part of efforts to promote the concept of green transition across the residential sector as a whole.
The loan is being supported by the Japan-EBRD Cooperation Fund and the EU through the Western Balkans Investment Framework (WBIF). The EBRD’s GEFF programme has helped improve energy efficiency for more than 18,000 homeowners in the Western Balkans region.Komercijalna Banka AD Skopje is the largest commercial bank in North Macedonia, with a market share of 22.2 per cent in terms of total assets.
To date, the EBRD has invested €2.9 billion in 190 projects across North Macedonia.
