You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

EBRD, Sparkasse Banka Makedonija signs deal in support of SMEs

Author Mario Tanev
EBRD, Sparkasse Banka Makedonija signs deal in support of SMEs Capricorn Studio/Shutterstock.com

SKOPJE (Macedonia), November 8 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday that it is providing a 10 million euro ($11.4 million) loan to Sparkasse Banka Makedonija to boost lending to the country’s privately owned small- and medium-sized enterprises (SMEs).

The EBRD loan is backed by an additional 1.5 million euro grant from the EU, delivered under the bloc's Instrument for Pre-Accession Assistance (IPA), the EBRD said in a statement.

The funds are intended to finance projects envisaging upgrades of production facilities to improve the competitiveness of local companies, with at least 60% of the funds aimed at reducing energy and resource use and associated costs.

In June, the EBRD provided a 10 million euro loan to Macedonia's Ohridska Banka [MSE:OHB] for the same purposes.

SMEs account for 65% of the total value-added and about 80% of all jobs in Macedonia, according to EU figures, cited by the EBRD.

($ = 0.8755 euro)
 

Compare