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News / EBRD and EU to boost competitiveness of SMEs in North Macedonia
Small and medium-sized enterprises (SMEs) in North Macedonia will be able to access €4 million to help them become more competitive, thanks to a new EBRD loan extended to Ohridska Banka. SMEs can also obtain technical assistance, including hands-on EBRD advisory support. After successfully completing their investment, they will also be eligible for a cashback grant of 15 per cent of the total loan amount, funded by the European Union.
The loan to Ohridska Banka is a part of the Western Balkans SME Competitiveness Support Programme, to which the EBRD provides loans and the EU contributes incentive payments and technical assistance. The goal is to help SMEs modernise their activities and take advantage of trade opportunities in the Western Balkans region and wider European market.
Ambassador David Geer, Head of Delegation of the European Union, said: “Access to finance is essential for the future growth and development SMEs in North Macedonia. This support is part and parcel of our continuing efforts to promote a positive business climate for SMEs and thereby stimulate the creation of jobs and economic recovery”.
The EBRD is a major institutional investor in North Macedonia. To date, the Bank has invested €2.14 billion through 145 projects in the country, where it focuses on the expansion of the local private sector, the promotion of regional and international integration and the sustainable use of resources.
Photo credits: EBRD
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