The European Bank for Reconstruction and Development (EBRD) is providing two loans of 3.5 million euros combined to ProCredit Bank Skopje in order to support small and medium-sized enterprises (SMEs) to reach EU standards and residential home-owners to make their buildings more energy-efficient.
In particular, one million euros will support individual investments in green materials, equipment and technologies for privately-owned residential buildings. The loan comes under the Green Economy Financing Facility (GEFF), which offers energy and resource-efficient solutions to build a greener and more sustainable economy.
“We are very pleased that, together with our longstanding partner ProCredit Bank Macedonia, we can provide additional support to SMEs to invest in the competitiveness of their businesses and to citizens to improve the energy efficiency of their homes,” commented Andi Aranitasi, EBRD Head of North Macedonia. “Strengthening the SME sector and investing in green economy are some of our key priorities in North Macedonia and this project will help us come a step closer to both of these objectives.”
The new funds also come at a critical time as private businesses and citizens in North Macedonia feel the economic impact of the coronavirus pandemic.
“Within the current health pandemic, provision of more favourable access to finance to small and medium-sized companies is of outmost importance,” added Janmaat Freek, Head of Operations 1 from the Delegation of the European Union to North Macedonia.
Already in April, the EBRD demonstrated its support for North Macedonia with a 2.5 million euros loan supporting energy efficiency improvements to residential buildings, to help reduce greenhouse gas emissions and improve homeowners’ quality of life.