The European Bank for Reconstruction and Development (EBRD) is demonstrating its support for North Macedonia with a new 2.5 million euros loan that will support energy efficiency improvements to residential buildings, help reduce greenhouse gas emissions and improve homeowners’ quality of life.
“The signing of this loan today shows that the EBRD is standing by its partner banks and is ready to support them under all circumstances,” said Andi Aranitasi, EBRD Head of North Macedonia. “We note that demand for energy efficiency loans continues in this time of crisis and we are available to serve clients in support of North Macedonia’s transition to a green economy.”
The financing is the EBRD’s third loan agreement with Ohridska Banka and comes under the Green Economy Financing Facility programme (GEFF). The funds will be on-lent to support investment by private homeowners in green technologies and materials as well as investment in boilers, windows and lighting. The country’s building stock is in urgent need of refurbishment and the introduction of insulation, for example, is expected to lower costs and improve comfort.
Furthermore, GEFF in North Macedonia is part of the EBRD’s 85 million euros Western Balkans Green Economy Financing Facility, launched in 2017. The programme is a joint initiative by the European Union, the Austrian Federal Ministry of Finance and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF).
It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus), funded by the EU and implemented in partnership with the Energy Community Secretariat. REEP Plus has also delivered policy support for harmonising the country’s law on energy efficiency and regulations for energy efficiency in buildings with the relevant European directives.