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EBRD and Investbanka support entrepreneurs in FYR Macedonia
€5 million helps bank support SME sector and improve trade finance
The EBRD is lending Investbanka, a private bank in FYR Macedonia, €4 million
to help entrepreneurs gain access to up to €125,000 to develop new or existing
businesses. Investbanka will also receive a €1 million guarantee limit under
the EBRD’s Trade Facilitation Programme which helps banks to further develop
their foreign trade finance services.
The loan supporting entrepreneurs is being provided under the EBRD and
European Commission finance facility to support small and medium-sized
enterprises (SMEs) in the Western Balkans. The European Agency for
Reconstruction is providing €460,000 in technical cooperation to support
Investbanka in the development and implantation of the SME programme
throughout the country.
Olivier Descamps, EBRD Business Group Director for southern and eastern
Europe, said Investbanka is a strong supporter of SMEs in FYR Macedonia and
therefore a strong partner of the EBRD. With six branches across the country
and commitments to open four new offices in Skopje, the capital city, and
other cities, Investbanka is reaching out to more and more entrepreneurs. This
EBRD loan will support that process, which is essential to increase the growth
of the country, added Mr Descamps.
Established in 1992, Investbanka employs 77 people in Skopje and beyond. As
well as supporting entrepreneurs, the bank is involved in, for example,
trading with securities, holding securities and precious metals, issuing
securities to individuals and retail banking.
Josif Eftimoski, First General Manager at Investbanka, said the bank is
building on its success in the SME sector to reach out to even more clients.
The EBRD loan is a tool enabling Investbanka to further penetrate the growing
SME market, while the technical cooperation component will help to further
develop and modernise its banking activities. The trade facilitation project
will enable Investbanka to build on its trade finance products, he added.
The EBRD is the largest investor in FYR Macedonia, having committed more than
€380 million in 26 projects.
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