RF-Sparkasse Bank Macedonia


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

16 Jun 2020



PSD disclosed:

02 Jul 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of a senior loan of up to €20 million in one tranche under the Resilience Framework in favour of Sparkasse Bank Makedonija (SBM).

This project was approved in the context of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

Project Objectives

The proceeds of the Bank's investment will be used for sub-lending to eligible sub-borrowers affected by the Covid-19 crisis, in accordance with the RF policy statement.

Transition Impact

ETI score: 70

Transition impact is expected to derive from the project's contribution to ensure resilience and preserve competition in the financial sector in North Macedonia.

Primary quality - Resilient: The facility will help SBM to remain an active and effective market player amid Covid-19 pandemic.

Secondary quality - Competitive: The facility will enable SBM to continue commercial lending in line with comparable sector participants.

Client Information


Sparkasse Bank Makedonija ("SBM") is a universal commercial bank and the 7th largest bank in the country with a 4 per cent market share by total assets. SBM is fully-owned by Steiermarkische Bank und Sparkassen AG, Austria ("STSP"). STSP has recently acquired its second bank on the Macedonian market - Ohridska Banka (OB) from SocGen. (5th largest in the country with around 8 per cent market share). SBM and OB will be merged in 2021, after which the new bank will be the 4th largest in the local market with 12-13 per cent market share. Both OB and SBM are the EBRD's long-term clients and regular participants in almost all the EBRD's facilities.Existing exposure to both banks is € 41.8m, (SBM -€ 19.3m + OB i € 21.5m+ Sparkasse Leasing i € 1.0m) and fully consists of credit lines (WeBSEFF II, GEFF, CSP and Women in Business).  

EBRD Finance Summary

EUR 20,000,000.00

Total Project Cost

EUR 20,000,000.00


RF is the only financial package dedicated specifically to crisis response on the Macedonian market. It will allow SBM to answer the liquidity needs of its clients that are experiencing a decrease in activity, turnover and profitability.

Environmental and Social Summary

Categorised FI (ESP 2019). SBM is an existing client and its performance to date for existing exposures has been satisfactory. The AESR for 2019 will need to be reviewed by ESD prior to signing to confirm compliance. SBM will be required to continue to comply with  PRs 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the expanded the EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit annual E&S reports to the Bank. Sub-borrowers financed through SBM's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements.

Technical Cooperation and Grant Financing

No TC is foreseen with this project.

Company Contact Information

Nina Mojsova Kjoseva
+389 2 3200 516
+389 2 3200 515
Makedonija Street 9-11, 1000 Skopje

PSD last updated

07 Dec 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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