Skopje, 15 March 2024 (MIA) – The Development Bank of North Macedonia, the USAID activity Partnerships for Economic Growth and the Swiss funded Increasing Market Employability Programme - IME, signed a contract for the procurement of a digital tool for credit insurance, a new digital product in the domestic financial market.

“The objective of this partnership is to meet the growth and development needs of local companies, namely to facilitate companies' access to appropriate financial management tools and solutions. This software solution will streamline and accelerate communication, assisting companies in effortlessly utilizing the tools provided by the Bank to facilitate transactions, especially in the areas of meeting demands, ensuring export factoring,” according to USAID’s press release.

The software solution, it added, will be integrated into Development Bank’s web platform and customized to suit the needs of companies.

Last year, according to the internal analysis of the Development Bank and the needs for access to finance in the private sector, the bank successfully launched a credit line for digitization and digital transformation, with support from the Swiss funded Increasing Market Employability Programme – IME.

“The digitization of one of the key processes at the Bank will directly contribute to increasing secured exports, as well as export and domestic factoring. Additionally, this process will have a positive impact on companies' investments and the creation of new job opportunities,” USAID said.

Photo: MIA archive