15th June 2023, Skopje – Government of the Republic of North Macedonia has provided fresh EUR 100 million from the European Investment Bank, intended for the small- and the medium-sized enterprises for the purpose of overcoming the challenges posed by the energy and the economic crisis. Yesterday, the Parliament adopted the Law on Guarantee under the Finance Contract, prepared by the Ministry of Finance.
“The credit line is intended to accommodate the needs of the business community for both providing fresh capital to the small- and medium-sized enterprises, as well as the mid-cap companies, and green transition projects as per the economic measures of the Government of North Macedonia aimed at protecting the consumers and the companies against the energy crisis. It is especially important for overcoming the challenges posed by the global energy and economic crisis, which has directly affected the operations of the small- and the medium-sized enterprises. The respective credit line will ensure support for new projects, job creation, increased liquidity of the businesses, increased export and green transition, as well as maintaining the competitive position of the companies”, Minister of Finance, Fatmir Besimi said.
In order to overcome the challenges posed by the global energy and economic crisis which has directly affected the operations of the small- and the medium-sized enterprises, the Government has adopted measures to stimulate the operations of the small- and the medium-sized enterprises by bringing about modalities to encourage the process of production, ensure liquidity of the companies, preserve jobs, as well as maintain the competitive position of the companies.
The credit line will be made available through the Development Bank of North Macedonia, with the commercial banks making the funds available to the final beneficiaries under favourable interest rates and longer repayment periods. The companies can use the credit line for working capital and investments, with the goal of providing fresh capital and liquidity support.
This is the seventh EIB credit line implemented through the Development Bank of North Macedonia, and the total support of the Government to the private sector thus amounts to EUR 650 million. This credit line is a continuation of the activities for support of the business sector the Government implements through the Development Bank, being also made available, under favourable terms and conditions, the credit lines which were part of the adopted set of anti-crisis measures.
The Parliament has also adopted the modifications and amendments to the Law on Borrowing a Loan by the Republic of Macedonia at the EBRD under the Loan Agreement for Financing the Project “Construction of New and Reconstruction of the Existing Parts of the Section Beljakovce – Kriva Palanka – Eastern Part of Rail Corridor VIII, Phase 2, providing for reallocating the EBRD loan proceeds for finalizing part of the construction works on Rail Corridors 8 and 10, i.e. in addition to the construction works for construction of Beljakovce – Kriva Palanka railway section (Phase 2), including the renewal of the existing part of the railway section, EBRD loan will be used for finalizing the construction of Kumanovo – Beljakovce railway section (Phase 1), as well as completion of the railway line along Corridor 10. The grant awarded by the Western Balkan Investment Framework – WBIF for implementation of this Project has provided for the respective reallocation of EBRD loan proceeds.
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