04 January 2016

  • Partner Institutions
  • GGF
  • EFSE
  • Macedonia

A Macedonian pioneer in responsible finance

Our Partner Institution Halkbank
Our Partner Institution Halkbank

A Macedonian pioneer in responsible finance - Finance in Motion’s cooperation with Halkbank

"Our cooperation with Halkbank started back in 2006 even before we opened our office in Macedonia in 2008", reports Investment Manager Dragan Spirowski from Macedonia. "And it has been a very good cooperation ever since." Finance in Motion and Macedonian Halkbank have gone through many challenges together ranging from the financial crisis to the ownership change of Halkbank in 2011. "Especially the former has been the toughest time within our relationship," adds Dragan. "This ended with the start of the cooperation with the GGF in addition to the cooperation with the EFSE."

Halkbank has been a pioneer in Macedonia, both for the EFSE’s microlending as well as for the GGF’s energy efficiency financing. In 2006/07 Halkbank was one of the first providers of dedicated home improvement loans in Macedonia, a product which was developed together with the EFSE Development Facility. With the support of the GGF’s technical assistance, Halkbank managed to set up a new loan product named "Eco-Loan", which is aimed at retail as well as at business clients and which also became a great success.

EFSE and GGF investor EIF also visited Halkbank several times as part of its regular monitoring as well as in the context of its ROM studies (results-oriented monitoring). Thus the positive impression made by Halkbank also contributed to the EFSE and the GGF receiving an "A" rating in all five categories evaluated (relevance, efficiency, effectiveness, impact prospects and potential sustainability).

"Halkbank is one of the partners we definitely want to work with, especially due to its staff and management commitment to housing loans and energy efficiency finance," concludes Dragan.