Skopje, 3 October 2023 (MIA) - The Parliament adopted Tuesday the amendments to the Law on Development Bank of North Macedonia (DBNM) proposed by the Ministry of Finance, to establish an Energy Efficiency Fund for direct funding of energy efficiency investments.

Namely, funds from the green bonds issued today in the amount of EUR 10 million will be used to support green projects, the Ministry of Finance said in a press release.

The Energy Efficiency Fund as a special organizational unit within DBNM will contribute to long-term economic and financial sustainability, in addition to preserving energy, natural resources, and reduce environmental pollution.

The Energy Efficiency Fund's initial capital is in the amount of EUR 5 million and is provided by the World Bank within the Energy Efficiency Project, which is complemented by the funds provided through the issued green bond of EUR 10 million. In the future, the fund will be resupplied through other sources for green investments, reads the press release.

Creating the Fund complies with EU energy efficiency directives and the purpose of such a national fund is to support national energy efficiency initiatives. ssh/ik/

Photo: MIA archive