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.

Data valid as of: 28 February 2025

197

Number of projects to date

€2,930m

Cumulative EBRD investment

€1,701m

Cumulative disbursements

13%

Private sector share of portfolio

Number of active portfolio operations

€1,214m

Current portfolio of projects

€539m

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

Supporting competitiveness

The Bank seeks to help North Macedonia enhance value chains, upskill the workforce and strengthen governance.

Strengthening regional integration

Our work in North Macedonia strengthens 'soft connectivity' (the systems that support physical infrastructure projects) and supports EU approximation.

Supporting a green economy transition

The EBRD's activities in North Macedonia facilitate the transition to a green economy through a more sustainable energy mix and greater resource efficiency.

The Bank's latest country strategy for North Macedonia was adopted on 22 May 2019.

3.0%

EBRD forecast for real GDP growth in North Macedonia in 2025

3.0%

EBRD forecast for real GDP growth in North Macedonia in 2026

In North Macedonia, growth in 2024, while modest, exceeded expectations, estimated at 2.4 per cent, following stronger-than-anticipated performance in the first three quarters of the year. It was primarily supported by government and private consumption as inflation eased and credit expanded. On the other hand, industrial output declined, while the trade deficit widened by 16.1 per cent, reaching €3.28 billion, primarily due to low eurozone demand.

On a positive note, S&P affirmed North Macedonia’s BB-/B sovereign credit ratings in January 2025, maintaining a stable outlook and the economy has benefitted from strong FDI inflows. Looking ahead, growth is projected to reach 3.0 per cent in both 2025 and 2026. Risks relate to the country’s high trade openness and exposure to eurozone economies, especially the German automotive industry, which may be impacted by ongoing trade tensions. On the upside, there is potential for higher growth if structural reforms are implemented effectively and ambitious capital investment projects are successfully carried out, although concerns about the country’s fiscal space and capacity for implementing such projects remain.

North Macedonia strategy and snapshot

North Macedonia strategy

PDF format / 1.02 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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Data valid as of: 28 February 2025

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.