Skopje, 17 July 2023 (MIA) - In cooperation with the Development Bank of North Macedonia (DBNM) and local commercial banks, EIB Global, the arm of the European Investment Bank for activities outside the European Union, will provide €100 million to boost development and the green transition of small and medium-sized enterprises (SMEs) and mid-caps in the country.

“The funds will address the liquidity and investment needs of local businesses, and finance energy and green transition projects. This will support low-carbon and climate-resilient growth in North Macedonia, in line with the European Union’s Economic and Investment Plan and the Green Agenda for the Western Balkans,” the EIB said in a press release.

EIB Vice-President Lilyana Pavlova, responsible for operations in North Macedonia, said: “The ongoing energy and economic crises are putting a further dent in the finances of local companies, which are already credit constrained. Improved access to finance for small and medium businesses and a stable banking sector are priorities to achieve economic growth, job creation and greater competitiveness. With this in mind, our credit line will support the country’s climate objectives and SME growth. Both are critical to ensure sustainable economic development and prosperity in the broader region.”

“The funds are part of the set of measures adopted by the Government of North Macedonia in 2022 to support households and businesses amid the economic slowdown and the energy crisis. Additional technical assistance will be signed in the coming months to support the DBNM, local commercial banks and Macedonian companies in achieving their green finance ambitions,” reads the EIB’s press release.

Since 2019, the EIB has provided €212 million for small business in the country, helping to retain over 46 000 jobs and create 1 815 new positions.

Photo: EIB