Green Finance Driving Sustainability in North Macedonia
The push for green energy has gained significant momentum in North Macedonia, thanks to the European Bank for Reconstruction and Development (EBRD) and Komercijalna Banka AD Skopje.
Together, they’re spearheading a transformative initiative aimed at empowering small and medium-sized enterprises (SMEs) to adopt renewable energy and energy efficiency technologies.
Under the Green Finance Facility, a joint programme funded by a coalition of international and local institutions, €4 million in new loans will be made available to SMEs. This partnership not only boosts the economy but also takes a stand against climate change by reducing greenhouse gas emissions and air pollution.
EBRD’s Role in Catalysing Green Investments
The EBRD has long been a champion of sustainable development, and its latest investment underscores its commitment to a greener future in North Macedonia. By providing Komercijalna Banka with a €4 million loan, the EBRD is ensuring SMEs have access to much-needed funding for renewable energy and energy efficiency projects.
“This loan under the Green Finance Facility demonstrates our commitment to empowering small and medium-sized enterprises in the country to adopt renewable energy and energy efficiency technologies,” said Fatih Turkmenoglu, Head of the EBRD office in North Macedonia. He highlighted the programme’s potential to foster responsible growth and contribute to the global fight against climate change.
To date, the EBRD has invested an impressive €2.9 billion in North Macedonia across 197 projects, making it one of the country’s most significant institutional investors. This latest initiative reflects the bank’s unwavering focus on sustainability and economic inclusion.
Komercijalna Banka
Komercijalna Banka AD Skopje, North Macedonia’s largest commercial bank, has taken on a pivotal role in this green financing endeavour. With its extensive branch network and reputation as a trusted financial institution, the bank is uniquely positioned to deliver the Green Finance Facility to SMEs across the country.
Dr Maja Stevkova Sterieva, Chief Finance Officer and Member of the Board of Directors at Komercijalna Banka, expressed her enthusiasm for the partnership. “This financing will enable eligible businesses to access the capital they need to invest in renewable energy and energy efficiency technologies, helping them to reduce costs, improve their environmental impact, and contribute to the transition toward a more sustainable future.”
Her statement captures the essence of the programme: empowering businesses to take bold steps toward sustainability while fostering innovation and driving economic growth.
The Green Finance Facility
The Green Finance Facility isn’t just about project finance loans—it’s about collaboration. Funded by a consortium that includes the EBRD, the UN Joint SDG Fund, and the government of North Macedonia, this initiative brings together key players like the UNDP, IOM, UNECE, and local institutions.
This joint effort aims to make green finance accessible to SMEs and underserved individuals or households, enabling them to invest in renewable energy and energy efficiency solutions. By doing so, the programme targets two pressing issues in North Macedonia: greenhouse gas emissions and air pollution.
Key benefits of the Green Finance Facility include:
- Affordable green finance: Ensuring SMEs and individuals can access funds without financial strain.
- Environmental impact: Supporting projects that contribute directly to reduced emissions and cleaner air.
- Economic growth: Promoting sustainable business practices that drive innovation and competitiveness.
What This Means for North Macedonia
The timing couldn’t be better for North Macedonia to embrace green energy solutions. The country faces significant environmental challenges, particularly in urban areas where air pollution levels remain alarmingly high. By enabling SMEs to adopt renewable technologies, the Green Finance Facility addresses these challenges head-on.
Moreover, the initiative aligns with North Macedonia’s broader goals of economic modernisation and EU integration. A greener private sector not only enhances the country’s environmental credentials but also positions it as a competitive player on the international stage.
A Win-Win for SMEs and Sustainability
For SMEs, this programme offers more than just financial relief—it provides a pathway to sustainable growth. By investing in energy-efficient systems or renewable energy installations, businesses can reduce operational costs, improve profitability, and meet increasing demands for environmentally responsible practices.
Such investments also foster resilience, enabling businesses to adapt to future regulatory changes and market shifts. In a world where sustainability is no longer optional, the Green Finance Facility equips North Macedonian SMEs with the tools they need to thrive.
Moving Toward a Greener Economy
The collaboration between the EBRD, Komercijalna Banka, and other partners exemplifies what can be achieved through shared vision and coordinated efforts. While the journey toward a fully green economy is a long one, initiatives like this mark an essential step forward.
With this new wave of support for renewable energy and energy efficiency, North Macedonia is charting a course toward a more sustainable and inclusive future. It’s a win-win for businesses, communities, and the planet.
