EIB and Sparkasse Bank Launch Partnership to Drive Green Finance and Sustainability in North Macedonia

EIB and Sparkasse Bank Launch Partnership to Drive Green Finance and Sustainability in North Macedonia Photo credit: EIB

(IN BRIEF) The European Investment Bank (EIB) and Sparkasse Bank AD Skopje have launched their collaboration under the Greening Financial Systems (GFS) technical assistance programme in Skopje. This initiative aims to foster green transformation by supporting financial institutions in North Macedonia with financing for climate and sustainability projects. The partnership seeks to promote green investments, address climate risks, and enhance regional and global competitiveness.

(PRESS RELEASE) LUXEMBOURG, 27-Feb-2025 — /EuropaWire/ — In Skopje, the European Investment Bank (EIB) and Sparkasse Bank AD Skopje hosted a workshop to mark the launch of their partnership under the Greening Financial Systems (GFS) technical assistance programme. This initiative is a crucial part of the EIB’s ongoing efforts to support the resilience of financial institutions, which play a pivotal role in driving the green transformation and supporting climate and sustainability projects across Europe.

The GFS programme focuses on aiding the transition to net-zero financial systems, an essential component of climate action. It is particularly geared toward promoting green investments, especially among small businesses in North Macedonia. As part of this partnership, the EIB is collaborating not only with Sparkasse Bank but also with the National Bank of North Macedonia and other local financial institutions. This marks a significant step in addressing the pressing climate challenges faced by North Macedonia while working to create a more resilient and sustainable financial ecosystem.

Björn Gabriel, the EIB representative to North Macedonia, emphasized the importance of the programme: “The GFS programme is a key initiative in our broader climate action strategy. By working closely with Sparkasse Bank and other financial institutions, we are helping to steer North Macedonia towards a net-zero future, strengthening its financial system and boosting competitiveness in the global market. This is an essential part of our role as the EU climate bank, and we are committed to promoting green investments that will help mitigate climate risks and drive sustainable economic growth.”

The technical assistance provided through the programme is funded by the German government via the EIB’s International Climate Initiative Fund and is supported in collaboration with the NDC Partnership. This global coalition of countries and institutions works together to accelerate climate action and drive the achievement of national climate commitments.

Sparkasse Bank, which holds a leading position in North Macedonia with over 40% of the market share in financing green projects, sees this collaboration as a significant milestone in its long-standing commitment to sustainable finance. “For Sparkasse Bank, partnering with the EIB is of great importance. We have already provided over €115 million in financial support to more than 140 green projects, and this initiative will help us strengthen our green lending practices further. Our aim is to contribute to the transformation towards an environmentally sustainable economy, and we believe this collaboration with the EIB will help us achieve lasting positive impacts, not just for our clients but for society as a whole,” said Nina Nedanoska, Deputy President of Sparkasse Bank’s Management Board.

In recent years, the EIB and Sparkasse Bank have allocated €46 million to companies in North Macedonia, including €19 million under the EIB’s green credit line. This initiative has already supported the decarbonisation of the local economy, demonstrating the tangible impact of such collaborations on both the financial sector and the environment.

Additionally, other banks benefiting from the GFS programme in North Macedonia include NLB Bank Skopje, ProCredit Bank, and Komercijalna banka. Together, these institutions are working to build a robust green financing framework that will support the region’s transition to a low-carbon future.

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SOURCE: European Investment Bank