North Macedonia is demonstrating how innovation, green finance and renewable energy can strengthen small businesses and accelerate sustainable economic growth. Through the Green Finance Facility (GFF), micro, small and medium-sized enterprises (MSMEs) are gaining access to financing that helps them invest in clean energy technologies, improve competitiveness and build resilience against rising energy costs.
MSMEs account for the vast majority of businesses in North Macedonia and play a critical role in creating jobs, supporting local economies and expanding opportunities for women and young people. However, many businesses continue to face significant challenges, including increasing operating costs, limited access to affordable financing and disruptions in supply chains. Expanding access to green technologies and innovative financing is helping businesses overcome these barriers while contributing to sustainable industrial development.
One example is Grafoservis, a family-owned printing and packaging company based in Strumica. After facing soaring electricity costs during the global energy crisis, the company invested in a rooftop solar power system through support from the Green Finance Facility. The installation now generates enough renewable electricity to operate its digital printing facilities while allowing surplus energy to be sold back to the national grid. The company is also planning battery storage investments to maximize the value of its renewable energy production.
Another successful example is AB Novoselski Pat, a company that operates vehicle service centres while manufacturing environmentally friendly automotive products, including AdBlue for reducing diesel emissions. With support from the Green Finance Facility, the business installed large rooftop solar systems across its facilities, reducing its carbon footprint while generating additional income by selling excess electricity. The renewable energy investment also helps finance the company’s solar installation through revenue earned from the national electricity network.
These projects demonstrate how access to affordable green finance enables businesses to reduce operating costs, strengthen energy security and improve environmental performance. Investments in renewable energy are helping North Macedonian companies become more competitive while contributing to the country’s transition toward a low-carbon economy.
The Green Finance Facility is funded by the Joint SDG Fund, the Government of the Republic of North Macedonia and the European Bank for Reconstruction and Development (EBRD). The programme is implemented by UNDP North Macedonia in partnership with the EBRD, the International Organization for Migration (IOM), the United Nations Economic Commission for Europe (UNECE) and local financial institutions. Together, these partners are supporting sustainable business growth, green innovation and long-term economic resilience across North Macedonia.
