The World Bank and the Republic of Macedonia on Monday will sign a $5.5 million grant agreement on sustainable energy project.
The Agreement will be signed by Macedonian Finance Minister Trajko Slavevski and the World Bank's Representative Sandra Blumenkamp.
The World Bank's Board of Directors last week approved the implementation of a Sustainable Energy Project for Macedonia.
The project is funded by a grant from the Global Environment Facility (GEF) Trust Fund of US$5.5 million with expected contributions from private commercial banks and project beneficiaries of about US$24.7 million equivalent.
The overall objective of the project is to develop a sustainable market for energy efficiency and renewable energy by supporting the development of an enabling framework, institutional capacity, and necessary financing mechanisms. This is will help to make Macedonia’s economy more competitive at the same time as reducing its dependence on energy imports. The Project will increase the demand for, and supply of, renewable and energy efficiency projects and services; will improve the affordability of energy services; and will generate employment. It will also encourage less polluting fuel use and improve air quality by reducing greenhouse gas emissions.