The European Bank for Reconstruction and Development (EBRD) has signed a 2.5 million euro ($2.7 million) loan agreement with North Macedonia-based lender Ohridska Banka AD Skopje that is expected to help the country mitigate the economic impact of the Covid-19 pandemic.
The financial assistance will support energy efficiency improvements to residential buildings, help reduce greenhouse gas emissions and improve homeowners’ quality of life in the country, the EBRD said in a statement.
“The signing of this loan today shows that the EBRD is standing by its partner banks and is ready to support them under all circumstances. We note that demand for energy efficiency loans continues in this time of crisis and we are available to serve clients in support of North Macedonia’s transition to a green economy,” Andi Aranitasi, EBRD head of North Macedonia, noted.
The EBRD is providing the loan under the Green Economy Financing Facility programme (GEFF), which supports businesses and homeowners wishing to invest in green technologies. GEFF in North Macedonia is part of the EBRD’s 85 million euro Western Balkans Green Economy Financing Facility, launched in 2017.