SKOPJE (N. Macedonia), May 12 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is considering extending a sovereign guaranteed loan of up to 100 million euro ($104.2 million) to North Macedonia's electricity producer ESM to support its liquidity needs during the energy crisis.
The funding would address ESM's emergency liquidity gap by providing financial support and policy dialogue to the energy sector to address structural issues in the local energy market, the EBRD said in a project summary document.
The liquidity support will also endorse ESM's decarbonisation strategy following the successful commissioning of its first solar plant Oslomej with a capacity of 10 MW and the upcoming signing of an additional 30 MW solar plants in Oslomej and Bitola, the lender said.
ESM, fully owned by North Macedonia's government, provides approximately 90% of the entire domestic electricity production.
($ = 0.9593 euro)