The EBRD’s Board of Directors has adopted a new strategy for FYR Macedonia, which reinforces the Bank’s commitment to further support the Macedonian economy and sets out the priorities for its activities in the country over the next three years.
The new strategy acknowledges the progress made on structural reforms in FYR Macedonia, which include improvement in the legal and regulatory framework for businesses, the strengthening of competition and banking law, as well as progress in unbundling the power sector.
It also outlines the main challenges that remain to be addressed - accelerating improvement in the business environment including the judicial reform, further strengthening of the financial sector to improve private companies’ access to finance and ensuring the modernisation of infrastructure.
In the forthcoming years, the EBRD’s activities in FYR Macedonia will focus on supporting the real economy, improving competitiveness and energy efficiency and promoting the diversification of exports.
In the financial sector the Bank’s priority will be to provide banks with equity and long term funding, as well as assisting them to develop new products and to grow their business on a sustainable basis. The EBRD will also aim to improve corporate governance and channel more funding to micro, small and medium-sized companies through commercial banks and micro-lending institutions.
Another priority for the Bank is supporting the modernisation of infrastructure in FYR Macedonia. The EBRD will aim to finance investments in the country’s power sector, helping FYR Macedonia to improve energy efficiency and diversity. At the same time transport infrastructure projects will focus on promoting road and railway transport networks in the country, improving road maintenance and supporting concessions.
In the municipal sector the EBRD will support water supply, district heating and public transport investments.
Since the beginning of its operations in FYR Macedonia, the EBRD has committed more than €510 million in over 40 projects in the financial, corporate, infrastructure and energy sectors, mobilising addition investment worth more than €620 million.