SKOPJE (Macedonia), January 12 (SeeNews) – The Green for Growth Fund (GGF) said on Thursday it has extended a 10 million euro ($10.7 million) loan to Halkbank Skopje, the Macedonian subsidiary of Turkey's Halkbank, to support energy efficiency projects in Macedonia.
“The GGF loan will enable Halkbank to increase the scope and volume of its Eco-loan products, which can be used for financing energy efficiency measures at Macedonian businesses, for replacing obsolete agricultural equipment on farms, and for outfitting homes with technologies that lower energy use,” the GGF said in a press release.
In addition to the loan, the GGF will provide technical support for Halkbank’s promotional activities.
Energy efficiency measures financed with the GGF loan are projected to result in annual primary energy savings of almost 50,000 MWh and CO2 emission reductions of nearly 15,000 metric tons, the GGF said.
The loan is the fund’s third to Halkbank Skopje since 2010, when the lender became the first in Macedonia to offer energy efficiency financing products.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank. It invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in the 19 countries, which it covers, including Albania, Bosnia and Herzegovina, Croatia, Kosovo, Macedonia, Montenegro and Serbia.
Halkbank Skopje was established in 1993. It has 36 branches in Macedonia.
($ = 0.9365 euro)