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EBRD approved a 3.5 million euro loan for energy efficiency investments in North Macedonia

by AI | 24.Jul 2024 | Europe in brief AI

The funds from the loan will support investments in energy-saving equipment such as insulation, windows, heat pumps, and solar panels, thereby reducing greenhouse gas emissions and energy costs.

Photovoltaic panels on a public institution building in Kriva Palanka. Photo: MIA

Skopje – The European Bank for Reconstruction and Development (EBRD) has approved a loan to Skopje’s “Komercijalna Banka” in the amount of 3.5 million as part of the Green Economy Financing Program (GEFF) to support energy efficiency investments in individual households, collective housing buildings, and businesses offering services in the green energy sector. The project is co-financed by the European Union through the Western Balkans Investment Framework (WBIF) and Japan through the EBRD Cooperation Fund.

The President of the EBRD, Odile Renaud-Basso, after signing the loan agreement, stated that the Bank is proud to continue supporting North Macedonia in the transition to green energy by financing energy-efficient facilities.

– This project contributes to a green and sustainable future for North Macedonia and provides direct benefits to citizens. By reducing energy bills and providing more comfortable homes, the quality of life is significantly improved, said Renaud-Basso.

The loan funds will support investments in energy-saving equipment such as insulation, windows, heat pumps, and solar panels, which will reduce greenhouse gas emissions and energy costs.

The EBRD is the largest institutional investor in North Macedonia and has so far invested over 2.9 billion euros in 190 projects in the country. Earlier today, the EBRD and the Macedonian electricity transmission system operator MEPSO signed a loan agreement of 26.4 million euros intended for strengthening the transmission network. (July 23)