NLB Tutunska Banka Second Syndicated Loan


FYR Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

12 Dec 2006



PSD disclosed:

26 Oct 2006

Project Description

Senior syndicated loan to NLB Tutunska Banka, Skopje, FYR Macedonia, of up to EUR 40 million (the “Loan”) for on-lending to private sector businesses (up to 75% of the Loan) and private individuals (up to 25% of the Loan). The Loan will be granted under the EBRD A/B structure. The EBRD plans to lend EUR 15 million for its own account (“A Loan”) and to syndicate EUR 25 million (“B Loan”) to participating banks.

Transition Impact

The main rationale for the Bank’s involvement in the project is to support the development and expansion of financial intermediation of the banking sector in FYR Macedonia by providing the necessary medium-term financing to the most dynamic and fastest growing bank in the country and fostering competition. The FYR Macedonian ratio of domestic credit to GDP in June 2005 stood at only 24.2%, which is still much lower than the values for Croatia (73.1%) and the EU (above 100%).

The proposed project will also increase NLB Tutunska Banka’s access to medium-term financing and assist the borrower in diversifying its sources of funding through the international syndication market. This will have a strong demonstration effect in encouraging similar funding strategies among other banks in FYR Macedonia as well as by mobilising international lenders to consider opportunities in the countries.


The Client

NLB Tutunska Banka ad, Skopje is the third largest universal commercial bank in the country. The bank is majority owned by the NLB Group.

EBRD Finance

The EBRD plans to lend EUR 15 million for its own account (“A Loan”) and to syndicate EUR 25 million (“B Loan”) to participating financial institutions.

Project Cost

EUR 40 million.

Environmental Impact

NLB Tutunska Banka will continue to:

  • Apply EBRD’s Environmental Procedures for Local Banks;

  • Ensure that the borrowers comply with EBRD’s Environmental Exclusion and Referral List;

  • 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;

  • Ensure compliance of sub-borrowers with national standards for environment, health and safety;

  • Ensure compliance of sub-borrowers with relevant requirements for public disclosure and consultation; and

  • Provide annual environmental, health, safety reports to the Bank.


Technical Cooperation


Company Contact

Nastoska Ljiljana, Director Corporate Banking Division
NLB Tutunska Banka

Tel: +389-2-3105-656

Biljana Stepanuleska Pochevska, Head Project Finance Department
NLB Tutunska Banka

Tel: +389-2-3105-678



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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

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