The European Bank for Reconstruction and Development (EBRD) is providing up to €30 million in financing to NLB Skopje under the Western Balkans Green Outcomes-Linked Debt Financing Framework (WB GOLD), marking the first loan issued under this framework in North Macedonia. The financing is aimed primarily at supporting small and medium-sized enterprises (SMEs), helping them expand their businesses while encouraging investment in environmentally sustainable assets and technologies.
This new facility introduces an innovative model of green finance by using outcome-based incentives to encourage banks and other financial institutions to increase green lending to SMEs and mid-cap companies. Rather than simply providing capital, the WB GOLD framework is designed to improve standards for green lending practices while also addressing the broader financing needs of businesses. Through this approach, the initiative seeks to make sustainable finance more practical and accessible for enterprises looking to modernize and grow.
The framework is closely aligned with the EBRD’s broader priorities in the Western Balkans, which focus on strengthening economic growth through private-sector development and accelerating the shift toward greener, more resilient economies. By enabling local businesses to invest in sustainable technologies such as energy-efficient machinery and renewable energy systems, the programme is expected to deliver both environmental benefits and stronger business competitiveness.
For SMEs and mid-cap companies in North Macedonia, the financing could play an important role in supporting business development while lowering environmental impact. By making it easier to invest in cleaner technologies and better resource management, the loan is expected to help firms improve operational efficiency, reduce energy costs, and position themselves more strongly in a market that is increasingly shaped by sustainability requirements and green transition goals.
The loan agreement was signed by EBRD Head of North Macedonia Fatih Türkmenoğlu and NLB Skopje CEO Toni Stojanovski. Türkmenoğlu said the partnership demonstrates how the WB GOLD framework can turn financial support into measurable environmental outcomes while also supporting sustainable economic growth. He emphasized that the financing is intended to channel innovative green investment into the core of North Macedonia’s SME and mid-cap sector.
Stojanovski described green financing as both an opportunity and a responsibility, saying that businesses can act as catalysts for positive change. He noted that by working with the EBRD to support sustainable innovation, NLB Skopje is helping accelerate the adoption of cleaner technologies, energy efficiency, and more responsible resource use across the business community.
The deal also reinforces the EBRD’s long-standing role as a major institutional investor in North Macedonia. To date, the bank has invested more than €3 billion in over 200 projects across the country, supporting economic development, private-sector growth, and the transition toward a more sustainable and resilient economy.
