Procredit Bank Macedonia has secured a EUR 1 million loan from the EBRD for financing energy efficiency improvements of residential buildings, in order to help homeowners reduce greenhouse gas (GHG) emissions and improve the quality of life.
Procredit Bank Macedonia will on-lend funds to local households, housing associations and service providers planning to invest in energy efficiency and renewable energy projects, the EBRD said on its website.
Possible investments will include green technologies such as boilers, windows and lighting. The building stock in North Macedonia is in urgent need of refurbishment, and the introduction of insulation, for example, is expected to lower costs and improve comfort.
The EBRD financing comes under the Green Economy Financing Facility Programme (GEFF). Procredit Bank Macedonia will be the third Macedonian bank to join the GEFF Facility. In December 2017, Ohridska Banka AD Skopje and Sparkasse Bank Makedonija received loans from the GEFF.
GEFF in North Macedonia is part of the EBRD’s EUR 85 million Western Balkans Green Economy Financing Facility, launched in 2017.
The program is a joint initiative by the EU, 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.