North Macedonia’s ESM with a 100 million euro loan from the EBRD will accelerate the “green” transition

The loan features a repayment term of five years, including a grace period of six months, and carries a variable interest rate based on the six-month EURIBOR with an additional one percent margin.

The loan, amounting to 100 million euros, provided by the EBRD to AD ESM, aims to support financing for process improvement, investments in new renewable energy sources, and the upkeep of existing renewable power plants.

This significant loan agreement was formally signed on August 22nd at the Ministry of Finance in North Macedonia. AD ESM will be the designated recipient of the funds and will be responsible for fulfilling all financial obligations, with the state acting as a guarantor.

Several impactful projects are in the pipeline, with the potential to drive the nation towards energy independence. Collaborative efforts with institutions such as the EBRD are pivotal and will facilitate a swifter transition towards embracing the “green” agenda. Stefan Stefanov, Director of ESM, stressed the commitment to clean energy and the ambitious goal of reducing greenhouse gas emissions by 61 percent.

In addition to the Loan Agreement, the Ministry of Finance also inked a Guarantee Agreement between the Republic of North Macedonia and the EBRD.

The signing ceremony was graced by the presence of Minister Besimi, Charlotte Rue, EBRD’s Director for Southeast Europe, and ESM Director Stefanov.

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