Projects in FYR Macedonia

Project Summary Documents

Project Summary Documents (PSDs) are disclosed for each project prior to Board consideration. They contain project descriptions, financial details, client information, environmental issues, tender guidelines, and contact details. PSDs for private sector projects are disclosed at least 30 days prior to Board consideration and for state sector projects, at least 60 days.

Project Summary Documents 

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb) 

Case studies

Migros Ramstore

Migros Turk AS, as the largest food retailer in Turkey, is expanding its business into FYR Macedonia with the help of an €9.7 million loan from the EBRD, signed in May 2004. The eight-year loan is being used to finance the construction of a retail complex by Ramstore Macedonia, a local company majority-owned by a Bulgarian subsidiary of Migros Turk. The retail complex, to be constructed in Skopje, the country’s capital city, will include a shopping mall and a hypermarket.

Tutunska Banka

In December 2004, the EBRD extended a €20 million syndicated loan to Tutunska Banka, majority owned by Slovenia’s largest bank, Nova Ljubljanska Banka. This was a landmark transaction for the country since it was the first international syndication of a Macedonian bank since 1998. The Bank has syndicated €13 million to 10 international banks. The loan proceeds will be used to help meet entrepreneurs’ and private businesses’ growing demands for finance.

ESM Pre-privatisation Share Purchase

The EBRD is providing up to €45 million to help promote the privatisation of Elektrostopanstvo na Makedonija (ESM), the state-owned power utility in FYR Macedonia.

The Bank’s investment, approved in October 2004, will support the intention of the government to make the necessary restructuring plans and reforms to enable ESM’s sale to a strategic investor. The financing will be disbursed in seven instalments, each associated with key conditions to be met by the government. These include the appointment of an experienced advisor to structure the privatisation process, the implementation of necessary regulatory reform in the energy sector, and the observance of the appropriate steps to ensure an open, competitive and transparent privatisation process. The Bank is expected to receive company shares once ESM is privatised.

Trade Facilitation Programme

"The EBRD’s Trade Facilitation Programme was launched in FYR Macedonia in 1999. It has proved to be an excellent financial product for the country, particularly in support of the development of small and medium-sized companies. FYR Macedonia was ranked first by number of transactions and fith by the volume of utilisation among the countries participating in the programme.

As of end January 2004, EBRD guarantees totalling €58.40 million have supported 545 trade instruments issued by FYR Macedonian banks. Current participating banks include Komercijalna Banka, Stopanska Banka, Tutunska Banka, Export & Credit Bank and Eurostandard Bank."