RSF - Ohridska Banka


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

09 Mar 2021



PSD disclosed:

22 Mar 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision iof an unfunded risk sharing framework (the "Risk Sharing Framework" or "RSF") of up to EUR 20 million to Ohridska Banka ("OB"). The Risk Sharing Framework with OB shall have an open-ended revolving limit. Under the RSF, the EBRD will guarantee up to 50% (up to 65% on exceptional basis) of each individual sub-loan provided by OB to eligible clients, where each such sub-loan shall be individually proposed to the EBRD for approval.

Project Objectives

The project will support OB's strategy for continued sustainable growth and will allow OB to meet the bigger financing needs of its clients, while keeping its risk-weighted assets under control. 

Transition Impact

ETI score: 60


Transition impact under the RSF is mainly expected to derive from skills transfer to the partner bank in the areas of financial analysis, risk assessment and project management.


RSF facilitates access to finance for SMEs, supporting their growth and competitiveness.

Client Information


Ohridska Banka (OB) is a long-standing client of the EBRD with a very good track record. OB is EBRD's largest financial institutions client in North Macedonia with 13 signed agreements since 2008 iwith a total value of over EUR 50m and has been participating in all EBRD facilities, including Western Balkans Sustainable Energy Financing facilities I and II, Competitiveness Support programs, Green Energy Financing Facilities etc. 

OB is the fifth largest bank in the country with a 7.7% market share by total assets (Sep  2020). It is one of the seven largest banks on the market that the central bank consider systemic. Following the acquisition by Steiermarkische Sparkasse (StSp) in Nov 2019, OB will be merged with StSp's subsidiary Sparkasse Bank Macedonia (SBM) in May 2021, after which the new bank will be the fourth largest in the market with 12-13% market share. 

EBRD Finance Summary

EUR 20,000,000.00

An unfunded RSF limit of up to EUR 20 million. The limit is open-ended and revolving with EBRD's outstanding obligations not to exceed EUR 20 million.

Total Project Cost

EUR 20,000,000.00

EBRD will guarantee up to 50% of individual exposures. The participation could increase to 65% only in special circumstances. 


Under RSF, additionality stems from the following:

- EBRD offers an innovative financing structure (e.g. mezzanine financing, risk sharing, etc.) on commercial terms not available from other banks: risk participation to help partner banks with capital and liquidity constraints.

- EBRD offers a tenor, which is above the market average and is necessary to structure the project.

Environmental and Social Summary

Categorised FI (2019 ESP). OS is an existing client and has provided satisfactory Annual E&S Reports to the Bank to date. OB will be required to continue to implement the environmental and social risk management procedure for Micro, SME and Corporate loans; continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9, including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit Annual E&S Reports to the Bank. As applicable, sub-loans under the GEFF facility will need to comply with the E&S Eligibility Procedures for wind, hydro, solar, geothermal or biomass projects. Ohridsa will need to establish adequate E&S  risk management capacity by hiring a duly qualified E&S specialist and participating in EBRD's E&S training as available.

Technical Cooperation and Grant Financing

No TC is foreseen with this project.

Company Contact Information

Blagoja Ustijanoski
+389 2 3167 6300
Orce Nikolov 54, Skopje

PSD last updated

23 Mar 2021

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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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 to get guidance and more information on IPAM and how to submit a request.


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