Sustainable Energy Program

Project Summary

The objectives of the project are to:·Change the current unfavorable investment and incentive conditions and create an enabling environment in Macedonia that fosters the development of sustainable energy utilization (in this context defined as efficient use of energy and use of renewable energy sources) through providing financial, methodological, informational, and institutional support;·Support a large increase in energy efficiency (EE) investment in Macedonia through development of a self-sustaining, market-based financing mechanism based on a principle of commercial co-financing. The project’s goal is focused on the development and implementation of financially profitable EE projects, which can provide sustainable and increasing reductions in GHG emissions without relying on public subsidy; and·Increase the availability of financing for renewable energy (RE) investments, enterprises and intermediaries through the establishment of a financial facility with a long-term time horizon, which will provide seed capital for equity or debt co-financing of RE development projects.

Project Details

GEF Project ID
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
Ministry of Economy
GEF Period:
GEF - 3
Approval Fiscal Year:


Project Preparation Grant Amount
350,000 USD
GEF Project Grant
5,500,000 USD
Co-financing Total
26,700,000 USD
GEF Agency Fees
526,500 USD
Total Cost 32,550,000.00 USD

Project Timeline

Received by GEF
09 Apr 2004
Preparation Grant Approved
24 May 2004
Concept Approved
01 Jul 2005
Project Approved for Implementation
27 Nov 2006
Project closed
31 Mar 2011