Skopje, 23 July 2024 (MIA) - The European Bank for Reconstruction and Development (EBRD) has approved a loan for Komercijalna Banka AD Skopje of up to EUR 3.5 million under the Green Economy Financing Facility (GEFF) that will support energy-efficiency investments by homeowners, housing collectives, producers and service providers. The project is being co-financed by the European Union (EU) and Japan.

According to an EBRD press release, the loan agreement was signed by Odile Renaud-Basso, President of the EBRD, and Maja Stevkova Sterieva, Chief Financial Officer of Komercijalna Banka AD Skopje and a member of its board of directors.

“We are proud to maintain our support for North Macedonia’s green energy transition by funding energy-efficiency upgrades in residential buildings, which are the country’s largest consumers of energy. Beyond contributing to a green and sustainable future for North Macedonia, this project provides direct benefits for citizens. By reducing energy bills and making homes more comfortable, these investments will significantly enhance the lives of homeowners,” EBRD President Renaud-Basso said.

Stevkova Sterieva voiced satisfaction that Komercijalna Banka will contribute to the successful implementation of the GEFF programme in the country.

“This support for green loans is very important, as it helps to make households more energy-efficient, facilitates energy savings and improves the quality of life. We are proud that, with this new offer of loans for energy-efficient homes, we will be helping to reduce the burden on families’ budgets, contributing to efforts to address the challenge of climate change and helping to create a healthier and cleaner environment,” Stevkova Sterieva said.

This loan to Komercijalna Banka AD Skopje under the GEFF programme will support high‑performing green technologies, materials and solutions for privately owned residential dwellings and buildings. Investment in energy-saving equipment such as insulation, windows, heat pumps and solar panels will reduce greenhouse gas emissions, cut energy costs and improve residents’ quality of life. It will also help to address the high energy and carbon intensity of North Macedonia’s residential and public sectors.

Komercijalna Banka AD Skopje will receive technical assistance to help it establish a new financing model tailored to green lending in the residential sector. Support will also be offered to wider stakeholders such as construction companies and vendors/producers of green technologies, in order to foster a green transition across the residential sector as a whole.

The loan will facilitate the Bank’s Green Economy Transition approach and will be supported by the Japan-EBRD Cooperation Fund and the EU through the Western Balkans Investment Framework (WBIF).

The EBRD’s GEFF programme has helped to improve the energy efficiency of more than 18,000 homeowners in the Western Balkans region. The programme is supported by the EU through the WBIF as part of the Regional Energy Efficiency Programme, as well as being supported by bilateral donors.

Komercijalna Banka AD Skopje is the largest commercial bank in North Macedonia, with a market share of 22.2 percent in terms of total assets. The bank, which has the largest branch network in the country, offers a full range of commercial banking services for individuals and companies across the whole of North Macedonia.

The EBRD is a major institutional investor in North Macedonia. To date, it has invested €2.9 billion in 190 projects across the country. 

Photo: EBRD