EBRD lending 5 mln euro to N. Macedonia's Sparkasse Bank for green investments
The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is providing a 5 million euro ($5.9 million) loan package to Sparkasse Bank Makedonija AD Skopje for residential energy efficiency investments.
The funding, provided under the EBRD’s Western Balkans Green Economy Financing Facility (WB GEFF II), will support investments in green technologies, materials and solutions in privately-owned houses and buildings, the EBRD said in a statement.
Borrowers will also be eligible for up to 20% cashback on successful project completion, financed by the European Union (EU).
The EBRD is also providing a 20 million euro unfunded risk-sharing facility to Sparkasse Bank, through which it will guarantee up to 50% of the lender’s existing and new corporate exposure.
"By freeing up funds, the facility will increase Sparkasse’s capacity to finance additional green economy projects," the EBRD said.
Earlier this year, the EBRD extended a 2 million euro credit line for green investments to North Macedonia's Ohridska Banka, which merged with Sparkasse Bank Makedonija AD Skopje in mid-July.
GEFF is a 135 million euro programme co-financed by the EU, the Western Balkans Investment Framework (WBIF) and the Austrian Federal Ministry of Finance. It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus).