The funds will be utilized for on-lending to renewable energy projects, and to a lesser extent to finance energy efficiency measures

EE and RE measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 26,330 MWh and CO2 emission reductions of approx. 7,270 metric tons


Luxembourg and Skopje – The Green for Growth Fund (GGF) has announced its second senior facility of EUR 10 million in Macedonian Ohridska Banka to support bank’s on-lending to renewable energy (RE) and energy efficiency (EE) projects. The measures and projects financed by this extended facility are expected to yield annual primary energy savings of approx. 26,330 MWh and CO2 emission reductions of approx. 7,270 metric tons.

Ohridska Banka is the fifth largest bank in Macedonia in terms of assets and gross loan portfolio out of 15 active banks in the country. The bank has been a partner of the GGF since 2015, when the first loan was disbursed for RE projects. The extension of this second GGF loan came in light of the bank’s enhanced on-lending capacity, stronger foothold in the market as well as a backdrop of overall positive economic outlook of Macedonia. The new Energy Law that came into force last year has also contributed to a favorable environment for lending in the RE/EE segments. 

In addition to the credit line, the GGF will continue its support to Ohridska Banka through its Technical Assistance Facility. The bank’s staff will receive further  training and support to help them ensure thorough verification of the eligibility of projects and more accurate reporting on primary energy savings and CO2 emissions.

GGF Chairman Olaf Zymelka stated: “It is great to see Ohridska Banka develop into a stronger regional partner for renewable energy and its drive to diversify its portfolio into energy efficiency lending. The enhanced capacities of Ohridska Banka, coupled with Macedonia’s positive economic outlook and reassuring energy policies signal that the time is ripe for our partnership to yield its best results. ”

Nina Nedanoska, a member of Ohridska Banka’s Management Board, said: “With great pleasure we are continuing our cooperation with GGF. Energy efficiency has economic as well as environmental benefits and with this new funding we will be able to keep fulfilling our responsibility toward the environment. We have recognized the environmental potential in such projects for a long time and we continue to build the track that we started by financing and supporting ‘green’ investments. We believe this will be another successful story of cooperation with GGF. Ohridska Banka Societe Generale will remain a reliable partner, supporter and provider of such projects.”


The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners. 

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, Church of Sweden, and ASN Bank. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. 

For more information see and follow us on Twitter @GreenGrowthFund


Ohridska Banka Societe Generale is a universal banking institution which belongs to one of the biggest financial groups in the world – the Societe Generale Group. With more than 146,000 employees and presence in 66 countries, Societe Generale Group serves 31 million clients around the world for more than 150 years. Ohridska Banka Societe Generale works according to the high standards of its parent group, adhering to their four core values: team spirit, innovation, commitment and responsibility. The main strategy of Ohridska Banka Societe Generale is continuous improvement of the quality and performance of banking services and full dedication to meeting the needs of its clients. 

Through its headquarters in Skopje and the wide network of 27 branches in Macedonia, Ohridska Banka Societe Generale aims to be a symbol of quality in banking relations, recognizable on the market, close to its clients, chosen because of its quality and the commitment of its teams. In 2016, Ohridska Banka Societe Generale was the holder of three awards in the category “Best Bank in Macedonia” by the three most important authorities – “Global Finance”, “Euromoney” and “The Banker” – and holder of the same award in 2017 by “Global Finance” and “Euromoney”. In 2018, the Bank also received the “Best Bank in Macedonia” award by the magazine “Global Finance”. 


Media contact GGF
Merle Römer
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171

Katerina Petrovska
Head of Marketing Department 
Phone: +389 2 3167 698