EBRD invests €9 million in North Macedonia’s green and youth projects

The European Bank for Reconstruction and Development (EBRD) has announced a significant investment initiative in North Macedonia, focusing on supporting young entrepreneurs and environmental sustainability projects. The bank is channeling a total of €9 million into two distinct credit facilities aimed at bolstering economic growth and ecological investments within the country.

The EBRD’s investment plan includes a new €2 million Youth in Business (YiB) credit line designed to assist business leaders under the age of 35. This initiative was unveiled during an EBRD assembly attended by representatives from the National Bank of the Republic of North Macedonia, civil servants, commercial banks, startups, and accelerators. The YiB program, which receives support from Sweden, Italy, and Luxembourg, has an ambitious goal to invest €100 million into regional ventures over the next five years.

In tandem with the YiB, the EBRD is also providing a €7 million Green Finance Facility (GFF) credit. This facility targets Small and Medium-sized Enterprises (SMEs) that are undertaking renewable energy projects. The GFF is supported by additional backing through grants from the Joint SDG Fund and the North Macedonian government under the framework of the United Nations Development Programme (UNDP). These grants, which can go up to 10%, are intended to encourage investments that will contribute to reducing greenhouse gas emissions and combating climate change effects.

Since joining the EBRD in 1993, North Macedonia has seen substantial financial support from the bank, receiving over €2.6 billion for more than 180 projects. These investments have largely focused on expanding the private sector and transitioning towards environmentally friendly practices. The latest funding announcement by the EBRD serves to further these efforts, demonstrating a continued commitment to fostering sustainable economic development in the Western Balkans region.

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