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EBRD supports SMEs in FYR Macedonia
€5 million loan will enable ECB to support local entrepreneurs
Entrepreneurs across FYR Macedonia will gain more access to finance following
a €5 million loan from the EBRD to Export & Credit Bank (ECB), a private bank
specialising in lending to small and medium-sized enterprises (SMEs).
ECB will use the EBRD funds, in turn, to make loans of up to €300,000 to
entrepreneurs across various sectors of the economy – including production and
manufacturing, services, wholesale and trade – who wish to develop or expand
their businesses.
Jean-Marc Peterschmitt, Director for Bank Lending at the EBRD, said one of the
key challenges for any growing economy is to nurture the growth of a strong
private sector. The Bank, together with partners like ECB, is helping support
local SMEs, which are a crucial part of the country’s economic development and
transition towards a market economy.
Established in 1993, ECB employs around 130 staff in 11 branches across the
country. This latest loan builds on cooperation between the two institutions
which dates to 1996, when ECB received its first loan from the EBRD to support
SMEs. The EBRD also holds an equity stake in ECB.
Pance Mancevski, CEO at ECB, said the EBRD loan will help ECB to implement its
strategic plan by increasing credit services to meet the demands of the
emerging SME sector. “This loan will contribute to our growth and market
establishment as a bank dedicated to SMEs which are the main drivers of
economic growth in the country," Mr Mancevski said.
The EBRD is the largest investor in FYR Macedonia, having invested more than
€367 million in 22 projects across the country in sectors ranging from banking
to power and agribusiness to transport.
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