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Polenak advises EBRD on First Investment Since Covid-19 Outbreak

Polenak advises EBRD on First Investment Since Covid-19 Outbreak

North Macedonia
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The Polenak Law Firm has advised the EBRD in a new EUR 2.5 million loan to Ohridska Banka AD Skopje under the Green Economy Financing Facility program, which is supported by the EU, Austria, and Western Balkans Investment Framework.

According to Polenak, the funds provided to Ohridska Banka by the EBRD "will help the country withstand the impact of the coronavirus pandemic on its economy by supporting private homeowners’ investments in green technologies and materials for their homes, as well as investment in boilers, windows, and lighting. The country’s building stock is in urgent need of refurbishment and the introduction of insulation, for example, is expected to lower bills and improve comfort."

Andi Aranitasi, EBRD Head of North Macedonia, said: “The signing of this loan today shows that the EBRD is standing by its partner banks and is ready to support them under all circumstances. We note that demand for energy efficiency loans continues in this time of crisis and we are available to serve clients in support of North Macedonia’s transition to a green economy.”

The EBRD is a major institutional investor in North Macedonia, and to date it has invested EUR 2 billion in 131 projects in the country.

The Polenak team was led by Partner Tatjana Shishkovska and included Associate Ana Petrovska-Belopeta.

Ohridska Banka AD Skopje did not use an external legal counsel.

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