FYR Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

17 Dec 2002



PSD disclosed:

04 Sep 2002

Project Description

Proposed establishment of a greenfield microfinance bank to provide financial services to micro and small enterprises (MSEs) in FYR Macedonia.
By providing permanent access to financial services for MSEs throughout FYR Macedonia, the project will give direct support to private sector development. It will also provide a model to the banking sector, encouraging other Macedonian banks to become more active in this market segment.

Transition Impact

The project is expected to have a significant impact on the transition process. MMB will provide access to financial services to MSEs that would otherwise be excluded from the formal financial sector. MMB will also support the development of the financial sector by operating as a best practice institution committed to the principles of complete transparency and strong corporate governance.

The Client

The Macedonia Microcredit Bank (MMB) will be a newly established bank providing financial services to MSEs. The founding shareholders will be: the EBRD, Internationale Micro Investitionen AG, Kreditanstalt für Wiederaufbau and the International Finance Corporation. MMB will initially start operations in Skopje, with the aim of setting up eight branches/lending offices across the country within the first two years of operations.

EBRD Finance

€1.25 million equity investment to purchase one-fourth of the share capital and a senior loan of up to €7 million under the US/EBRD SME Financing Facility for on-lending to MSEs.

Project Cost

Total initial project costs will amount to €19.5 million, of which the EBRD share is €8.25 million.

Environmental Impact

MMB will carry out its operations in accordance with the EBRD’s Environmental Procedures for Small and Micro Loans. In implementing these procedures, it will require its borrowers to comply, at a minimum, with national /local health, safety, environmental and public consultation requirements.

Technical Cooperation

Technical co-operation funds for US$ 2.0 million will be provided by the EBRD under the US/EBRD SME Financing Facility.

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

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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