Provision of a senior unsecured loan of up to EUR 23 million (the "Loan") to be provided in two equal tranches of EUR 11.5 million under the Financial Intermediaries Facility ("FIF", the "Programme").
The proceeds of the Bank's loan will be used exclusively for the purpose of making sub-loans to micro-, small and medium sized enterprises in North Macedonia. At least 30% of the of the proceeds will be used to finance GET-eligible projects.
ETI score: 60
The project contributes to the objectives of the Financial Intermediary Framework (FIF), supporting the Competitive and Resilient transition qualities. FIF seeks to foster SME competitiveness (i) by increasing availability of financing and (ii) by enabling innovation in strategy, products, processes and marketing related to SME lending. By ensuring that banks have adequate underwriting and risk management practices in place, the FIF also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.
SPARKASSE BANK MACEDONIJA AD SKOPJE
Sparkasse Bank Makedonija AD Skopje ("SBM") is a universal commercial bank and the 4th largest bank in North Macedonia, with 11.4% market share by total assets. It is fully-owned by Steiermarkische Bank und Sparkassen AG, Austria, which acquired Ohridska Banka ("OB") from Societe Generale and merged it in July 2021. It is considered a systemically important bank as per the criteria of the National Bank of the Republic of North Macedonia.
EBRD Finance Summary
Total Project Cost
Financing Structure - EBRD offers a tenor, which is above the market average and is necessary to structure the project.
Standard-setting: Helping projects and clients achieve higher standards - Client seeks/makes use of EBRD expertise on higher financial standards, including through financial covenants.systems, etc.
Environmental and Social Summary
Categorised FI (ESP 2019). SBM is an existing client and its performance to date for existing exposures has been satisfactory. 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 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. The GET share associated with this transaction is 30%.
Technical Cooperation and Grant Financing
Company Contact Information
Milka Ratajkoska - Joleska
+389 2 3167714
Orce Nikolov 54, 1000 Skopje
PSD last updated
23 Aug 2022
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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).
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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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.