FIF - Sparkasse Bank Macedonia - SME


North Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Aug 2022



PSD disclosed:

23 Aug 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 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").

Project Objectives

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. 

Transition Impact

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.

Client Information


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

EUR 23,000,000.00

Total Project Cost

EUR 23,000,000.00


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, 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

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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