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Sep 29, 2023 15:13 EEST
September 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it has approved a long-term senior unsecured loan of up to 7 million euro ($7.4 million) to North Macedonia’s Procredit Bank to support investments in renewable energy and energy efficiency by companies.
The funding, to be extended in two equal tranches, would be used for on-lending to small and medium-sized enterprises (SMEs) for green investments, the EBRD said in a project summary document.
The loan would be provided under the Green Finance Facility (GFF), a programme established by the EBRD in partnership with UNDP, with contributions from the Joint SDG Fund and the government of North Macedonia.
Procredit Bank is the sixth largest bank in North Macedonia with assets of 685 million euro and a market share of 6.2% by total assets, 7.1% by net loans and 6.0% by customer deposits as at the end of 2022.
($ = 0.943723 euro)
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