EU secures EUR3.5m Loan for Companies in North Macedonia | Beta Briefing

EU secures EUR3.5m Loan for Companies in North Macedonia

Source: Beta/EEAS
SEE Business / North Macedonia | 18.01.21 | access_time 10:37

Money

The European Bank for Reconstruction and Development (EBRD) is lending the Skopje ProCredit Bank a total of EUR3.5m for supporting the competitiveness of small and medium-sized businesses. 

The first portion of the financial package consists of EUR2.5m for boosting the competitiveness of local SMEs, the European External Action Service has announced. 

The funds will assist companies in advancing their production processes and equipment in accordance with EU standards, especially with regard to product equality and safety, protecting public health and the environment. 

The investments are covered by the support program for SMEs in the Western Balkans, for which the EBRD provides loans and incentive payments (the EU basically covers 15% of a loan, while users are required to return 85%). 

The second part is a EUR1m loan for supporting individual investments in green materials, equipment and technology for private residential buildings. 

The loan comes from the Fund for Green Economy Financing Facility (GEFF) which offers energy and resource efficient solutions for building a greener and more sustainable economy. 

The program is supported by the EU, the investment framework for the Western Balkans and the Austrian federal finance ministry.  

As part of this program, green investments in the country’s residential sector are being supported with an additional EUR1m loan, which the EBRD is giving to Komercijalna Banka Skopje. 

Similar loans, intended for municipalities and companies, are being offered via three other local banks (Sparkasse, Ohridska Banka and Nova Ljubljanska Banka).
 

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