Skopje, North Macedonia, June 21, 2019
—IFC, a member of the World Bank Group, and the Government of North Macedonia signed an agreement today to carry out a preliminary assessment of the Čebren Hydro Power Plant (HPP) Project. As part of this assessment, IFC will assess the Project’s value for the energy systems of the country and the region. Čebren HPP Project has the potential to provide North Macedonia with clean, renewable energy and allow the county to reduce its reliance on coal, which now powers most of its homes and businesses. Furthermore, the Project has the potential to provide valuable energy systems services to North Macedonia and other countries in the region.
“Čebren is key to the future of North Macedonia,” said Kocho Angjushev, Deputy Prime Minister in charge of economic affairs. “It would help our country combat climate change while providing the energy that our growing economy so urgently needs.”
“North Macedonia has good potential when it comes to generating clean hydro power-based electricity” said Georgina Baker, IFC Vice President for Europe, Central Asia, Latin America and the Caribbean. “We look forward to working with the North Macedonia Government and other development partners to undertake an assessment of the Čebren hydro power project, which is a key initiative to enhance the country’s future energy security.”
This cooperation is part of a larger effort by IFC to support the development of North Macedonia’s private sector. Since 2001, IFC has invested nearly $400 million in the country, helping to create jobs, improve telecom services, and bolster the local pharmaceutical industry. IFC also has an active advisory services program which is helping to improve the country’s business environment.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit