Devex Early Intelligence has learned from World Bank officials in Macedonia that a sustainable energy project approved in 2006 has virtually ceased.
Only 13 percent of the grant has been disbursed. The World Bank and the government still intend to pursue the initiative but are currently in the process of restructuring it.
The revamped project aims to support energy efficiency in public schools through technical assistance and capital grants, and continue market-based financing of energy efficiency and renewable energy initiatives through a dedicated financing facility. Additional financing intended to be released in fiscal 2010 will be pushed back to 2012.
This is part of the agreement of the World Bank with Macedonia to shift its portfolio in the country to projects that will improve Macedonia’s competitiveness in the area of clean and renewable energy as reported by Devex News.
