ProCredit Bank Macedonia obtains EUR 5mn loan from EFSE.

By bne IntelliNews June 7, 2011
Commercial bank ProCredit Bank Macedonia announced that it has signed a new loan agreement with the European Fund for Southeast Europe (EFSE) in the amount of EUR 5mn, half of which will be disbursed in Macedonian denars. The loan is being extended to support the bank's core business of lending to very small and small enterprises (MSE) in Macedonia. The loan will help ProCredit Bank Macedonia to meet increasing demand for long-term loans and further leverage its local currency lending to the MSE segment. EFSE was initiated by KfW Entwicklungsbank (the German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. The fund and the local lender have been partners since 2007, when the bank received EUR 2.5mn for MSE lending.
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