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EBRD and EU to boost the competitiveness of small businesses in North Macedonia
New financing by the European Bank for Reconstruction and Development (EBRD) will boost the competitiveness of local small and medium-sized enterprises (SMEs) in North Macedonia. The EBRD is providing a loan of up to €2.5 million to Komercijalna Banka AD Skopje for on-lending to local businesses for investments in production facilities and compliance with EU Directives in the fields of environmental protection, workers’ safety and product quality and safety.
In addition to loans, SMEs benefit from tailor-made technical assistance and know-how for project preparation and implementation and grant incentives worth up to 15 per cent of the total loan amount on successful project completion. The technical assistance and grants are funded by the European Union’s Western Balkans Enterprise Development and Innovation Facility (WB EDIF).
Raising competitiveness will improve companies’ opportunities not only on the local market but also internationally. At the same time, customers will benefit from improved product quality and broader choice.
The EBRD is a major institutional investor in North Macedonia. To date, it has invested €2 billion through 140 projects in the country. The Bank focuses on expanding the local private sector, the promotion of regional and international integration and the sustainable use of resources in the country.
Source: EBRD
Photo credits:EBRD
