UNDP North Macedonia and EBRD have partnered together to implement the Green Finance Facility (GFF) project
March 24, 2023
Today, UNDP North Macedonia’s Resident Representative Mr. Armen Grigoryan and the European Bank for Reconstruction and Development (EBRD)’s Director, FI Western Balkans and Eastern Europe, Ms. Aleksandra Vukosavljevic, have signed a Letter of Agreement for the provision of access to affordable green financing for Small and Medium Size Enterprises (SMEs) in North Macedonia.
Through the Facility, EBRD will provide finance to participating local banks which will on-lend these funds in the form of sub loans to SMEs for investments into RE and EE solutions in their business. UNDP, with funds from the Joint SDG Fund, will contribute support in the form of performance-based payments for verified investments and technical assistance for loan application development and project verification.
By developing and operationalizing the Green Finance Facility project, access to finance for SMEs and households to purchase renewable energy (RE) and energy efficient (EE) investments will be significantly enhanced. Doing so will enable the accelerated adoption of these solutions and further lead to a decreased reliance on non-renewable (coal-based) energy production, better energy efficiency solutions and practices in businesses, and reduced energy consumption. The net effect is a reduction in greenhouse gas emissions and contributions to air pollution. Implementing this solution will create a new paradigm in North Macedonia, and eventually across the Western Balkans, in which the whole ecosystem of banks, product vendors, and service providers is stimulated to work together with various stakeholders to ensure required financial and technical support that accelerates the transition to RE and EE solutions and enhances local innovation.
The Green Finance Facility (GFF) project is Joint UN Programme being implemented by UNDP North Macedonia as the lead agency, together with IOM North Macedonia and UNECE as other participating UN organizations. The Government of the Republic of North Macedonia will provide co-funding to GFF in the amount of 800,000.00 USD. EBRD and the private sector (local banks) will be included in the implementation of this project.
The Joint SDG Fund supports countries to accelerate their progress towards the Sustainable Development Goals (SDGs) and to deliver on the commitment of the 2030 Agenda to leave no one behind. Providing a new generation of Resident Coordinators (RCs) and United Nations Country Teams (UNCTs) with a critical instrument to incentivize the adoption of new solutions for longer-term sustainability. Learn more: Homepage | Joint SDG Fund
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