16th December 2021, Skopje – Funds are allocated for the Guarantee Fund and the Development Fund under the Development Bank, being geared towards boosting the competitiveness of companies, the export, the technologic development, as well as introducing new products, which will add value to the export. This week, Decisions prepared by MoF, were adopted by the Government, under which the necessary funds were provided. Thereby, grant amounting to EUR 5 million are allocated from the Budget, geared towards the Guarantee Fund, while additional approximately EUR 10 million (Denar 610 million) are allocated for the purpose of establishing the Development Fund.

Guarantee Fund and Development Fund, recently announced by Minister of Finance, Fatmir Besimi, as instruments contained in the Growth Acceleration Plan, will be aimed at financing the recovery of the economy affected by COVID-19 induced crisis. This Plan, as Besimi said, is aimed at supporting accelerated and sustainable growth, while maintaining fiscal stability by mobilizing capital from the private sector in addition to the funds allocated from the Budget.

More precisely, the proposed increase of the grant of the Guarantee Fund by additional EUR 5 million, will provide for supporting the private sector by guaranteeing working capital loans and fixed asset loans approved by commercial banks, which, according to the multiplier will initially generate around EUR 100 million as favourable loans intended for the business sector. Thereby, the funds aimed at guaranteeing loans approved by banks and saving houses, will be increased and they will amount to total of EUR 15 million

Guarantee Fund has been already functioning as a separate organizational unit within the Development Bank, aimed at providing support for the development of micro, small- and medium-sized enterprises, as well as large exporting companies.

Support to the economy is also coupled by the establishment of the Development Fund within the Development Bank, being financed with the funds allocated thereto. Fund will have the opportunity, via favourable credits, to support export-oriented companies and activities in the field of research and development, all to the end of boosting export, technologic development and introducing new products. Activities focused on supporting export will also cover a Supplier Development Program, geared towards strengthening the technologic readiness and the capacities of domestic companies, thus being able to participate in the global value chains.

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