EBRD provides €3.5mn in loans to ProCredit Bank Skopje to support SMEs and green homes in North Macedonia
The European Bank for Reconstruction and Development (EBRD) said on January 4 it is providing two loans of a combined €3.5mn to ProCredit Bank Skopje to support small and medium-sized enterprises (SMEs).
The aim of the loans is to provide on-lending to SMEs to reach EU standards and residential home-owners to make their buildings more energy efficient.
"The new funds come at a critical time as private businesses and citizens in the country feel the economic impact of the coronavirus pandemic," the EBRD said in the statement.
The first part of the financial package consists of a €2.5mn loan to increase the competiveness of local SMEs and to upgrade their production processes and equipment to EU standards.
The second part of the financial package, the under the Green Economy Financing Facility (GEFF), is a €1mn loan to support individual investments in green materials, equipment and technologies for privately-owned residential buildings.
The programme is supported by the European Union, the Western Balkans Investment Framework and Austria’s finance ministry.
“Strengthening the SME sector and investing in green economy are some of our key priorities in North Macedonia and this project will help us come a step closer to both of these objectives," Andi Aranitasi, EBRD head of North Macedonia, said.
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