GGF Lends Macedonia’s IK Banka 5.0 Mln Euro for Energy Efficiency Projects

SKOPJE (Macedonia), November 12 (SeeNews) – The Green for Growth Fund, Southeast Europe and Macedonia's Izvozna i Kreditna Banka (IK Banka) said they signed on Friday a 5.0 million euro ($6.9 million) senior loan agreement aimed at expanding the energy efficiency on-lending operations of the Skopje-based bank.

"This project will help Macedonian companies and private households to reduce energy consumption and cut costs,” member of the board of directors of the Green for Growth Fund, Southeast Europe (GGF), Christopher Knowles, said in a statement issued jointly with IK Banka.

IK Banka will use the proceeds of the GGF loan to finance projects that include improvement to building envelope, heating systems, heat distribution, interior and exterior lighting system, as well as conversion to natural gas and renewable energy utilization, the statement said.

This GGF's first investment in Macedonia.

GGF, initiated by the European Investment Bank and KfW Entwicklungsbank, is dedicated to enhance energy efficiency and foster renewable energy in southeast Europe.

IK Banka (www.ikbanka.com.mk) is a universal commercial bank, serving its clients through a network of 21 branches in 12 cities across the country.

($=0.7287 euro)

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