October 22 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it is providing a loan of up to 1 million euro ($1.1 million) to North Macedonia-based Procredit Bank, for on-lending for energy efficiency and renewable energy projects.
Procredit Bank Macedonia will on-lend funds to local households, housing associations and service providers in order to foster energy efficiency improvements of residential buildings, help reduce greenhouse gas emissions and improve homeowners’ quality of life, the EBRD said in a statement.
The EBRD financing comes under its Green Economy Financing Facility Programme (GEFF).
Possible investments include green technologies such as boilers, windows and lighting. The building stock in North Macedonia is in urgent need of refurbishment and the introduction of insulation, for example, is expected to lower costs and improve comfort, the EBRD noted.
In August, the EBRD provided a 4 million euro loan to North Macedonia's Ohridska Banka [MSE:OHB] for on-lending for similar projects.
($ = 0.8981 euro)