The European Bank for Reconstruction and Development (EBRD) has granted a loan of 1.3 million euros to Sveti Nikole meat industry in FYRMacedonia to modernize its energy system.

The funds will be used for implementation of a number of measures for industrial energy efficiency in company's production capacities, as well as replacement and modernization of the existing equipment, implementation of energy management system and renovation of plant's waste water station, EBRD said in a press release.

The project will enable the company to cut down fuel and energy consumption thus reducing carbon dioxide emissions. This will allow the company to decrease its costs for maintaining and operating, to reduce environment pollution and to increase its competitiveness.

"Reducing the energy intensity of economies is among EBRD's key priorities and we are pleased to support MIK Sveti Nikole in improving its energy efficiency. The project will help the company to work in line with EU ecological standards and to set a positive example to other Macedonian companies", said Elena Urumovska - EBRD representative in Macedonia.

Founded in 1960, MIK Sveti Nikole is one of the leading Macedonian brands in the meat industry.

Since it launched its operations in Macedonia, EBRD has provided over 540 million euros for over 40 projects in key areas of the economy, mobilising additional investments in amount of more than 663 million euros.