The European Bank for Reconstruction and Development (EBRD) is supporting the green economy in North Macedonia by providing a EUR 23 million loan to Sparkasse Bank Makedonija (SMB) for on-lending to local micro, small and medium-sized enterprises (MSMEs).
The loan will enable SMB to expand its MSME lending with a focus on regional and rural enterprises. 30 percent of the credit line will go to investments that can help small businesses improve their energy efficiency, or generate and shift to renewable energy.
MSMEs account for more than 90 percent of all enterprises in North Macedonia, and are key not only to the country’s economic growth, but to its transition to a green economy. Providing them with access to finance is thus key to unlock this transition and growth.
Andi Aranitasi, EBRD Head of North Macedonia, said: “We are very pleased that, together with our longstanding partner Sparkasse Bank Makedonija, we can provide additional support to SMEs to invest in the competitiveness of their businesses as well as measures that will improve their energy efficiency and lower their carbon footprint.
Strengthening the SME sector and investing in the green economy are some of our key priorities in North Macedonia and this new financing will help us in reaching both of these objectives.”
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Sanel Kusturica, SBM’s Chief Executive Officer, said: “Today, SBM strengthened even further its long-standing partnership with EBRD, signing an agreement for long-term financing in the amount of EUR 23 million. With this credit line, SBM will enhance the support to micro and small and medium-sized enterprises in financing sustainable projects and investments related to renewable energy. We maintain strong support of the Macedonian economy, and together with our customers, we are dedicated to overcoming and minimizing the negative effects of the energy crisis.”
Sparkasse Bank Makedonija AD Skopje (“SBM”) is a universal commercial bank and the 4th largest bank in North Macedonia, with 11.4 percent market share by total assets. It is considered a systemically important bank domestically, as per the criteria of the National Bank of North Macedonia.
The EBRD is one of the leading institutional investors in North Macedonia. To date, it has invested nearly EUR 2.5 billion in 165 projects in various sectors of the economy.
Source: EBRD
