Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesSmall businesses in the Republic of North Macedonia will be able to improve their competitiveness thanks to the roll-out of a dedicated EBRD-EU programme to the country. The new initiative combines credit lines, investment incentives, and technical assistance.
In the Republic of North Macedonia, the EBRD is providing a €30 million loan to the local banks for on-lending to commercial borrowers. The funds will be accompanied by a package of technical assistance and incentive grants totaling to €4.5 million from the EU national Instrument for pre-Accession Assistance (IPA).
SMEs can use the funds to improve their production capacities and enhance processes and product quality with the introduction of EU standards in environmental protection, product safety, and quality and similar.
Small businesses are the backbone of the national economy and provide for about 80 percent of employment. Despite their economic importance, small businesses continue to face severe obstacles to their development with often difficult access to finance and know-how.
Anca Ioana Ionescu, EBRD Head in the country, said: “We are pleased that the SME Competitiveness Support programme is now also available to SMEs in North Macedonia. Better access to finance and advisory services will enable businesses to improve their performance and competitiveness.”
To date, the EBRD has invested more than €1.87 billion in 117 projects in the Republic of North Macedonia, focusing on supporting the country’s integration into regional and global markets through the EBRD’s investments and other activities, especially in intensified cooperation with key partners such as the European Union and the European Investment Bank.
Original source: EBRD
Published on 29 March 2019