11th October 2023, Marrakesh – Ministers of Finance play a pivotal role in accelerating climate mitigation and adaptation action in the public sector and setting the enabling conditions for the private sector to scale up green investments, a message communicated at the Ministerial Meeting of the Coalition of Finance Ministers for Climate Action, with the Minister Fatmir Besimi also taking part. The Meeting was held within the IMF/WBG Annual Meetings taking place in Marrakesh, Morocco.
In August this year, Minister of Finance, Fatmir Besimi, was elected as a full-fledged member of the Coalition of Finance Ministers for Climate Action, which line-up consists of 90 member countries and representatives of 26 institutional partners, the goal of which is to coordinate the activities of the Ministers towards adherence to the obligations committed to under the Paris Agreement and the Helsinki Principles.
“Green economy is a resilient economy that provides a better quality of life for all citizens. Therefore, we are committed to ensuring accelerated economic growth, based on green investments and this priority is set in many strategic documents of the Government and the Ministry of Finance, which are compatible with the Coalition’s mission. We have adopted the Growth Acceleration Plan, which incorporates the priority for environment protection”, Minister Fatmir Besimi said.
He underlined the two systemic steps undertaken last week, aimed at development of green economy, in particular the adoption of the Law on Development Bank of the Republic of North Macedonia, stipulating the establishment of Energy Efficiency Fund, and the issuance of the first green bonds as source for financing green projects.
The EE Fund will operate as an organizational unit within the Development Bank of the Republic of North Macedonia. It will support both energy efficiency and environment protection projects by extending grants and favourable loans and issuing guarantees. Fund’s initial capital amounts to EUR 15 million, 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 bonds in the amount of EUR 10 million. In future, the Fund will be also plenished through new issues of green bonds and other sources of financing.
Green bonds, as a new instrument, were introduced last week on the market with the first auction at which Denar 600 million was issued, an amount intended for the Energy Efficiency Fund. It is a government security, intended to support green projects in the country, i.e. financing energy efficiency projects, as well as environment protection projects, aimed at accelerating green development and development of the capital market in the country by diversifying the offer with new instruments.
Following the Ministerial Meeting, within the IMF/WBG Annual Meetings, Finance Minister Fatmir Besimi will meet with IMF and WB high representatives tomorrow, and IFIs’ representatives on Friday.
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