Saturday, February 24, 2007

World Bank approves $5,5 million grant to Macedonia

Board of Directors of the World Bank approved the implementation of the sustainable energy project in the Republic of Macedonia.

The project will be financed by through a Global Environmental Fund (GEF) grant of $5.5 million, with additional $24.7 million expected to be provided by private commercial banks and users of the project, WB Office in Macedonia said.

The project for renewable energy resources development will assist the country to develop institutional capacities and the necessary financial mechanisms.

The goal of this project is to assist the creation of a renewable energy technology market which would help the country be more competitive and at the same time reduce country's dependence on energy imports.

No comments: