3rd October 2023, Skopje – Today, Parliament of the Republic of North Macedonia adopted modifications and amendments to the Law on Development Bank of the Republic of North Macedonia, proposed by the Ministry of Finance, providing for establishment of Energy Efficiency Fund to directly finance investments in energy efficiency. Funds raised on today’s auction of green bonds in the amount of EUR 10 million will be intended for this Fund as support for green projects.
Energy Efficiency Fund will operate as a separate organizational unit within the Development Bank, with its establishment contributing to economic and financial sustainability in the long run. Projects funded under the EE Fund will also provide for energy savings, preserving natural resources, as well as reduction of environment pollution.
Establishment of Energy Efficiently Fund is aimed at building efficient and effective structure to contribute to meeting the already set decarbonization goals of the Republic of North Macedonia, defined in the Energy Development Strategy of the Republic of North Macedonia until 2040, which takes into account the global energy policy trends, all to the end of supporting the development by directly financing energy efficiency investments.
Legal entities and individuals in the country will be extended loans, issued guarantees and approved grants under the EE Fund. Fund’s initial capital amounts to EUR 5 million, provided by the World Bank under the Public Sector Energy Efficiency Project, coupled with the funds raised from the issuance of the green bond in the amount of EUR 10 million In future, resources from other sources will be also ensured for the Fund, aimed at green investments.
Establishment of the Fund is in compliance with the EU Energy Efficiency Directives. The Purpose of such national fund is to support the national energy efficiency initiatives.
The Parliament also adopted modifications and amendments to the Law on Excises, arising from the EU Directives, thus aligning the excise duty on cigarettes with the minimum excise duty in the EU.