FIF - Sustainable Reboot SME - Stopanska Banka


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

10 May 2022



PSD disclosed:

11 May 2022

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 of a long-term senior unsecured loan of up to EUR 4 million to Stopanska Banka ("STB") for on-lending to small and medium-sized enterprises ("SMEs") in North Macedonia. The loan is envisaged under the Sustainable Reboot SME Programme ("Reboot SME"). 

Project Objectives

The loan is intended to provide financing for on-lending to local SMEs for investments in high performance technologies and services in order to introduce and implement EU and other international quality standards. At least 70% of the use of the proceeds is expected to be related to Green Economy Transition ("GET") investments.

Transition Impact

ETI score: 60

The project supports the Competitive and Green TI qualities.

The Competitive quality will be supported by: (i) facilitating SMEs' increased competitiveness; and (ii) prioritising investments that result in compliance with EU Directives and other relevant international standards. The project will also facilitate investments in green technologies that will drive the transition to an environmentally sustainable, lower-carbon and climate-resilient green economy, thus supporting the Green quality.

Client Information


Stopanska Banka AD Skopje ("STB" or "bank") is the oldest bank in North Macedonia, founded in 1944. It operates as a universal bank and ranked as the largest bank in the country by net loans with 21.1% market share and second by total assets and customer deposits, holding 18.0% and 19.1% of the market, respectively at YE2021. STB is owned by National Bank of Greece ("NBG") with 94.6% stake, with the remainder held by minority investors.

EBRD Finance Summary

EUR 4,000,000.00

Total Project Cost

EUR 4,000,000.00


Combining the necessary long-term financing with technical support and targeted investment incentives into a package that promotes green investments that will improve the competitiveness of SMEs.

Environmental and Social Summary

Categorised FI (ESP 2019). Although STB is an existing client through a TFP line since 1999, there has been no business activity since 2010, hence no Annual Environmental & Social Reports were submitted by STB. Environmental and Social (E&S) due diligence was undertaken through E&S questionnaire which demonstrated STB has no E&S policy and procedures in place nor E&S dedicated resources, however they are compliant with national labour and H&S laws. STB will be required to comply with PRs 2, 4 and 9, implement E&S covenants in the Loan Agreement including E&S training and the EBRD's E&S Risk Management Procedures for TFP and Corporate, SME and Micro Loans including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit annual E&S reports (AESRs) to the Bank. Sub-borrowers financed through SB's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The GET share associated with this transaction is 70%.

The Project's use of proceeds or allocated multiple may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach.

Technical Cooperation and Grant Financing

The project will be supported by a comprehensive technical assistance to STB and sub-borrowers to facilitate the project preparation and successful implementation of the Reboot SME programme. 

The source for TC funds is the EBRD's Shareholders' Special Fund and other potential donors.

The source for non-TC funding is Norway, Luxemburg, United States of America via the Small Business Impact Fund and other potential donors.

Company Contact Information

Dragan Gicev
+389 2 32 95 593
+389 2 31 20 343

PSD last updated

11 May 2022

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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