The Green for Growth Fund, Southeast Europe (GGF) is providing EUR 4 million in funding to Ohridska banka, part of Société Générale Group. Macedonia imports over 40 percent of its primary energy; almost 80 percent of the electricity generated domestically stems from fossil sources, mainly coal, two institutions said.
Ohridska has recognized the importance of renewable energy and energy efficiency financing and the growth potential in these segments, the press release adds. The bank’s portfolio is projected to reduce primary energy consumption by at least 20%.
Ohridska is the country’s fourth largest universal bank and it capitalizes on corporate lending with a market share of 8.9% and is an important player on the small and medium enterprises segment, the document said. The partnership will be accompanied by support from the GGF Technical Assistance Facility (GGF TAF) – in developing and implementing projects for energy from renewable sources.
To ensure sustainable lending, GGF TAF will also assist in the implementation of environmental and social guidelines as well as in monitoring the energy efficiency loan portfolio, according to the press release.
GGF said in early August it entered into a partnership with ProCredit Bank Serbia to support green lending in that country.