FYR Macedonia

Project number:


Business sector:

Depository Credit (banks)

Notice type:


Environmental category:


Approval date:

07 Dec 2004



PSD disclosed:

14 Sep 2004

Project Description

The proposed project will provide € 5 million medium-term funding to Export & Credit Bank (ECB) for on-lending to private small and medium enterprises (SMEs). Loan proceeds will be used to finance capital expenditure programmes and related working capital needs.
The project will support ECB’s further growth and market establishment as a bank dedicated to SMEs.

Transition Impact

The project will provide medium term funding for private SMEs, which is limited due to the predominantly short-term deposit base in the country.
The main transition challenge for the project is to increase the financial intermediation which is still very low.

The Client

Export & Credit Bank is a private universal commercial bank registered as a joint stock company under the laws of FYR Macedonia.  ECB’s strategic focus is on micro and SMEs.
The EBRD is ECB’s largest shareholder, holding 24% of the voting capital.

EBRD Finance

SME credit line of € 5 million with up to five years maturity.
The credit line will be on-lent to private SMEs across various sectors of economy, including production and manufacturing, services, wholesale and trade.

Project Cost

€ 5 million.

Environmental Impact

ECB will continue to comply with EBRD’s Environmental Procedures for Local Banks. In implementing these procedures, ECB will require its borrowers to comply, at a minimum, with the national health, safety, environmental requirements.
ECB will also continue to adhere to EBRD’s Environmental Exclusion and Referral Lists and will continue to submit to EBRD annual environmental, health and safety report.  In addition, ECB is required to comply with relevant national employment laws and standards and Conventions of the International Labour Organisation related to the employment of children and young people, discrimination at work, and forced labour.

Technical Cooperation

Export & Credit Bank has already benefited from three technical cooperation projects with the EBRD:
1. Strategy Expert funded by the Balkan Region Special Fund
2. Retail Expert funded by the Balkan Region Special Fund
3. Director for Business Development funded by the FYR Macedonian Financial Sector Fund.
No new technical cooperation is envisaged for the proposed project.

Company Contact

Elena Urumovska, Associate Banker,
EBRD Skopje Resident Office
Tel: + 389 23 297 804
E-mail: urumovse@ebrd.com

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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