The European Investment Bank (EIB) and the Macedonian Bank for Development Promotion (MBDP) signed in Skopje a 100 million Euro loan to support investment projects of small and medium-sized enterprises (SMEs) and mid-caps in the Former Yugoslav Republic of Macedonia (FYROM).
SMEs constitute the backbone of the country’s economy and employment. The loan was signed by EIB Vice President Andrew McDowell, Finance Minister Dragan Tevdovski and MBDP CEO Dragan Martinovski in the presence of FYROM Prime Minister Zoran Zaev.
“The European Investment Bank, the EU Bank, will support the ambition of this government and the people of this country to lift living standards by deepening integration with the rest of Europe. That is why I am very pleased to have signed a 100 million Euro low-interest loan today to MBDP in order to improve financing conditions for SMEs. This brings to 450 million Euro our total support for MBDP in recent years. Our previous four loans have helped create and sustain 60,000 jobs in almost 2,000 companies across the country”, EIB Vice-President Andrew McDowell said.
Prime Minister Zaev pointed out that the EU and its financial institutions have recognised the “positive signals of the country’s economy and the trends for sustainable development”.
While the 100 million Euro loan is primarily intended to support SMEs, it will also facilitate investment objectives relating to climate change (renewable energy and energy efficiency, sustainable transport) and competitiveness (innovation and skills). A minimum of 70% of the loan amount will be allocated to SMEs.
The EIB has been active in FYROM since 1977. Over the past 10 years, the EIB invested more than EUR 670 million euros in FYROM.
Original source: EIB
Published on 11 September 2018
