Energy Efficiency

Sparkasse Bank Makedonija secures EUR 2 million under GEFF for green buildings

Sparkasse-Bank-Makedonija-GEFF-for-green-buildings

Photo: Signing ceremony (Sparkasse Bank Makedonija)

Published

February 25, 2020

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Published:

February 25, 2020

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Sparkasse Bank Makedonija has secured a EUR 2 million loan from the European Bank for Reconstruction and Development (EBRD) under the Green Economy Financing Facility (GEFF) program to support investments in high-performance green technologies in privately owned buildings in North Macedonia.

The agreement on loan was signed by Gligor Bišev, Chairman of the Management Board of Sparkasse Bank Makedonija, and Henry Russell, director at EBRD.

Sparkasse Bank Makedonija will on-lend funds to private borrowers

North Macedonia’s bank will on-lend funds to private borrowers who plan to invest in technologies, materials, and solutions to improve energy efficiency, according to the statement on GEFF’s website.

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, it adds.

This is the third GEFF line granted to this bank in North Macedonia

This is the third line granted to the Sparkasse Bank Makedonija to satisfy the growing demand for the product, GEFF said.

EBRD is extending a EUR 3 million mortgage loan to North Macedonia’s bank for on-lending to private borrowers for housing purposes

In addition, the EBRD is extending a EUR 3 million mortgage loan to the bank for on-lending to private borrowers for housing purposes. It is the second package. The first, signed in 2017, was fully on-lent in North Macedonia, the press release reveals.

Combined with the loan for energy-saving improvements in people’s homes, mortgage financing will help to expand lending to the residential sector, GEFF said.

In October 2019 Procredit Bank Macedonia received a EUR 1 million loan from the EBRD for financing energy efficiency improvements of residential buildings.

GEFF in North Macedonia is part of the EBRD’s EUR 85 million Western Balkans Green Economy Financing Facility, launched in 2017.

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