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News / Team Europe to support recovery of small businesses in North Macedonia
The European Investment Bank (EIB) – the EU’s lending arm – is providing €100 million in funds as immediate support for small and medium-sized enterprises (SMEs) to support a faster recovery from the COVID-19 pandemic. The financing is part of the Team Europe initiative and the EIB’s financial recovery package to help the Western Balkans.
The scheme will be channelled through the Development Bank of North Macedonia JSC Skopje (DBNM) for businesses that operate in labour-intensive sectors such as manufacturing and services. The EIB loan will help SMEs and mid-caps maintain business continuity and sustain jobs, while increasing productivity and expanding their activities.
Lilyana Pavlova, EIB Vice-President responsible for the Western Balkans, said: “This loan testifies to our efforts to help the country’s transition to a stronger, more competitive and sustainable economy that is integrated in regional and EU markets. We are confident that we will further enhance our investment support for North Macedonia.”
The EU bank is one of the leading international financiers in the Western Balkans. As part of the Team Europe strategy, the EU’s global response to COVID-19, the EIB Group has rapidly mobilised €5.2 billion outside the European Union. For the Western Balkan countries specifically, the EIB has prepared an immediate support package of €1.7 billion, primarily for SMEs and the healthcare sector. The total EU financial support package for the Western Balkans amounts to more than €3.3 billion.
Photo credits: EIB
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