(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 17. The European Bank for Reconstruction and Development (EBRD) is increasing its support for green finance in North Macedonia with a new 4 million euro loan to Komercijalna Banka AD Skopje, Trend reports.

The loan, provided under the Green Finance Facility, aims to improve access to finance for small and medium-sized enterprises (SMEs) investing in renewable energy and energy efficiency technologies.

The Green Finance Facility is a collaborative initiative involving the UN Joint Programme, the government of North Macedonia, EBRD, and local financial institutions. The program, supported by UNDP, IOM, UNECE, and the UN Resident Coordinator in North Macedonia, seeks to provide affordable green finance to underserved SMEs and households, promoting sustainable energy investments that contribute to reducing greenhouse gas emissions and air pollution in the country.

Fatih Turkmenoglu, Head of the EBRD office in North Macedonia, expressed the bank's commitment to supporting the country's green transition:“This loan demonstrates our commitment to empowering SMEs to adopt renewable energy and energy efficiency technologies. By facilitating access to sustainable financing, we aim to drive the green economy transition and enable businesses to grow responsibly while combating climate change.”

Maja Stevkova Sterieva, Chief Financial Officer and Board Member of Komercijalna Banka, highlighted the bank's role in supporting the shift towards sustainable energy solutions:“This financing will help local SMEs invest in renewable energy and energy efficiency technologies, reducing costs and improving environmental impacts. We are proud to support businesses on their journey toward a greener future.”

The EBRD has been a major investor in North Macedonia, having invested 2.9 billion euros in 197 projects across the country.

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