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GGF backs RE projects in North Macedonia with second 10 mln euro loan

Author: The European Bank for Reconstruction and Development (EBRD) / All rights reserved.

SKOPJE (Macedonia), February 20 (SeeNews) – The Green for Growth Fund (GGF) said on Wednesday it is extending a second senior loan facility of 10 million euro ($11.3 million) to Macedonia's Ohridska Banka, for on-lending to renewable energy (RE) projects.

“The funds will be utilized for on-lending to renewable energy projects, and to a lesser extent to finance energy efficiency measures. The measures and projects financed by this extended facility are expected to yield annual primary energy savings of approx. 26,330 MWh and CO2 emission reductions of approx. 7,270 metric tons,” GGF said in a press release.   

Ohridska Banka, part of French banking group Societe Generale, said in November that it has received 10 million euro in financing from the Green for Growth Fund for a ten-year period.

 Ohridska Banka, the fifth largest bank in Macedonia in terms of assets and gross loan portfolio out of 15 active banks in the country, has been a GGF partner since 2015.

The Green for Growth Fund, established in 2009, promotes energy efficiency projects in Southeast Europe the Caucasus, Ukraine, Moldova, the Middle East and North Africa, aiming to achieve through its investments a 20% reduction in energy consumption and/or a 20% reduction in CO2 emissions in the region.

($ = 0.88373 euro)

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