VIENNA, 10th January, 2024 (WAM) -- The OPEC Fund for International Development (the OPEC Fund) is supporting a multi-sector reform programme in North Macedonia with a €50 million loan.
The funding will bolster the climate transition of the energy and financial sectors and strengthen sustainable public finances. The OPEC Fund’s policy-based lending will be complemented by a US$100 million Development Policy Operation from the World Bank.
OPEC Fund said in a statement that the funding will support the climate transition of the energy and financial sectors through improving energy efficiency, boosting renewable energy investments and increasing awareness and management of the impact of climate change. It will also strengthen the sustainability of public finances by safeguarding financial sector stability.
As part of the programme, the authorities will also address issues such as fiscal sustainability and reinforcement of payment discipline in line with EU directives. The strengthening of the institutional framework is expected to bolster macroeconomic growth.