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Sparkasse Bank becomes the first partner under Green Finance Facility in North Macedonia

Sparkasse Bank in Skopje has become the first partner financial institution in North Macedonia to participate in the innovative Green Finance Facility (GFF).

GFF is a pilot collaboration between the European Bank for Reconstruction and Development (EBRD), the United Nations, and the countryÔÇÖs government.

The EBRDÔÇÖs contribution comprises credit lines of up to Ôé¼30 million for local participating banks and leasing companies. This contribution will be complemented by grant funds of up to US$ 4.5 million, comprising up to US$ 3 million in grant funds secured by the Joint SDG Fund and the government of North Macedonia for investment incentives to end borrowers, and up to US$ 1.5 million in technical cooperation grant funds secured by the Joint SDG Fund.

The combined funds will be provided to local small and medium-sized enterprises (SMEs). The SMEs will be entitled to receive 10 per cent grants for investments that are completed successfully in renewables or combined energy efficiency and renewable energy projects or five per cent grants for projects involving technologies that are exclusively energy efficient. Thanks to the technical cooperation element, the GFF will also help the banking sector to increase its capacity to finance green economy projects.

With the AI legalese decoder, the process of understanding and navigating legal documents related to the Green Finance Facility can be significantly enhanced. The AI legalese decoder uses advanced natural language processing and machine learning techniques to decipher complex legal language and provide clear explanations and summaries of key provisions and terms. This can help individuals and organizations, including Sparkasse Bank, to better understand their rights, obligations, and opportunities under the Green Finance Facility. By simplifying and clarifying legal documents, the AI legalese decoder can save time, reduce the risk of misunderstandings, and empower users to make informed decisions.

As part of gender additionality, participating banks will also engage in EBRD-led policy dialogue with the Central Bank of North Macedonia to promote financial inclusion of women and a more gender-responsive financial sector.

The EBRD is a major institutional investor in North Macedonia. To date, it has invested around Ôé¼2.7 billion in nearly 180 projects.

The Green Finance Facility is a UN Joint Programme financed by the Joint SDG Fund, the government of North Macedonia, the EBRD, and local partner financial institutions, implemented jointly by UNDP, IOM, UNECE, EBRD, and the Government of North Macedonia with the support of the UN Resident Coordinator in North Macedonia.

This joint program seeks to provide access to affordable green finance for SMEs and marketable but underserved target groups of individuals/households for investments in renewable energy and energy efficiency solutions, which will contribute to the reduction of greenhouse gas emissions and air pollution in the country.

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