The EBRD in North Macedonia

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The EBRD has been investing in North Macedonia since 1993

In North Macedonia, we focus on supporting the country's integration into regional and global markets through EBRD investments and other activities, especially through intensified cooperation with key partners such as the European Union and the European Investment Bank.

A North Macedonia success story: how EBRD investment is helping Hotel Inex Olgica, situated by the shores of Lake Ohrid, to become a green destination on the global tourist map.

198

Number of projects to date

€2,915m

Cumulative EBRD investment

€1,692m

Cumulative disbursements

13%

Private sector share of portfolio

Number of active portfolio operations

€1,184m

Current portfolio of projects

€507m

Operating assets

Equity share of portfolio

21 April 1993

Joined the EBRD

19,980

Capital subscription (€000)

EBRD Governor: Gordana Dimitrieska-Kochoska
EBRD Alternate Governor: Suzana Peneva
EBRD Board Director, Netherlands: René van Hell
EBRD Board Alternate Director, Netherlands: Qiyong Liang

EBRD Shareholders information

In North Macedonia, we focus on supporting the country's integration into regional and global markets through the EBRD's investments and other activities, especially by intensifying cooperation with key partners such as the European Union and the European Investment Bank.

Focus areas

Strengthening regional integration through connectivity and enhanced value chain linkages, by investing in resilient, integrated infrastructure and supporting deeper value chain integration.
Accelerating the transition to a green and sustainable future, through decarbonisation, green investments, and the promotion of sustainable and inclusive municipal and public services.
Supporting a more competitive, inclusive, and well-governed economy, by fostering private sector competitiveness, improving governance, and addressing demographic challenges through enhanced skills development and economic inclusion.

2.6%

EBRD forecast for real GDP growth in North Macedonia in 2025

2.7%

EBRD forecast for real GDP growth in North Macedonia in 2026

The pace of economic growth in North Macedonia rose to 2.8 per cent in 2024 from 2.1 per cent in 2023. Stronger growth in 2024 was driven by government spending and private consumption, alongside easing inflation and credit expansion. On the other hand, industrial output and value added have declined, while the trade balance flipped from a small surplus in 2023 to a deficit of 2.3 per cent of GDP in 2024, primarily due to low eurozone demand. Strong foreign direct investment (FDI) inflows, reaching 7.1 per cent of GDP in 2024, have been more than sufficient to cover the current account deficit.

Growth forecasts have been revised down to 2.6 in 2025 and 2.7 per cent in 2026, on the indirect effect of lower eurozone demand due to the new US import tariffs. On the upside, there is potential for higher growth if structural reforms are implemented effectively and if ambitious capital investment projects are successfully carried out, although concerns about the country’s fiscal space and implementation capacity remain.

North Macedonia strategy and snapshot

North Macedonia strategy

PDF format / 1.02 MB

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North Macedonia strategy (Albanian)

PDF format / 1.25 MB

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North Macedonia strategy (Macedonian)

PDF format / 2.55 MB

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North Macedonia private-sector diagnostic

PDF format / 5.35 MB

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North Macedonia country snapshot

PDF format / 1.21 MB

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Contact the EBRD in North Macedonia

Head of Office: Fatih Türkmenoğlu

Address:

EBRD Skopje Resident Office, Soravia Centre Skopje, 7th floor, Filip II Makedonski no. 3, 1000 Skopje, North Macedonia

Telephone:

+389 2 3297 800

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The EBRD in North Macedonia

A North Macedonia success story: how EBRD investment is helping Hotel Inex Olgica, situated by the shores of Lake Ohrid, to become a green destination on the global tourist map.

Focus areas

North Macedonia strategy and snapshot

Contact the EBRD in North Macedonia

The EBRD in North Macedonia

A North Macedonia success story: how EBRD investment is helping Hotel Inex Olgica, situated by the shores of Lake Ohrid, to become a green destination on the global tourist map.

Focus areas

A greener hotel in North Macedonia

EBRD and EU support SME digitalisation in North Macedonia with first-of-its-kind loan

EBRD financed rail crossing between North Macedonia and Serbia receives €2.8 million EU grant

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