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News / EU cashback encourages greener homes and businesses in North Macedonia
Businesses and homeowners taking out loans to make their homes “greener” will be able to apply for up to 20% cashback, funded by the European Union in North Macedonia. They will be able to improve the energy efficiency of their homes and businesses through a €5 million financing package provided by by the European Bank for Reconstruction and Development (EBRD) to Sparkasse Bank Makedonija AD Skopje under the Western Balkans Green Economy Financing Facility (WB GEFF II) programme.
The funds will be available for investments in high-performance green technologies, materials and solutions in privately-owned residential dwellings and buildings. In addition, the EBRD is providing a €20 million unfunded risk-sharing facility to Sparkasse Bank, through which it will guarantee up to 50% of the lender’s existing and new corporate exposure, thereby reducing the risk weighting and capital requirements on those loans. By freeing up funds, the facility will increase Sparkasse’s capacity to finance additional green economy projects.
The GEFF is implemented under the Regional Energy Efficiency Programme for the Western Balkans, co-financed by grant resources from the European Union, the Western Balkan Investment Framework and the Austrian Federal Ministry of Finance. Donors provide critical support to GEFF projects that mitigate or build resilience to the effects of climate change and other environmental threats.
Photo credits: EBRD
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