Skopje, 12th June 2012 (MIA) – As of today, Macedonian companies have additional EUR 10.7 million available, being provided by the Government, for the purpose of improving the liquidity and the competitiveness on the foreign market in crisis situation, as well as EUR 100 million the Government provided from the European Investment Bank, being available two days ago. Funds will be made available through Macedonian Bank for Development Promotion under favourable conditions with an interest of 3%.

Agreement with the Government for recapitalization of MBDP, through which the funds are provided, was handed over today by Vice Prime Minister and Minister of Finance, Zoran Stavreski to the President of the Supervisory Board of the Bank, Oliver Kosturanov.  

– Two days ago, we obtained the credit line in the amount of EUR 100 million for small- and medium-sized enterprises, being large financial support for Macedonian economy, and today, we announced that we will make available another EUR 10.7 million, being intended mainly for the companies engaged in processing of agricultural products, Vice Prime Minister and Minister of Finance Zoran Stavreski said.

According to him, Government provided these two credit lines on time as direct support to the economy in conditions of distorted liquidity and increased problems due to the European debt crisis. Manner, he pointed out, according to which this credit line was provided and the terms and conditions under which it was provided, will help the companies engaged in buyout, processing and export of agricultural products at the right time.

– Under these funds, we provide favourable liquid investment funds for 50 companies from Macedonia, which should use and withdraw the funds in the next months as soon as possible. Thus, we help not only companies, since these companies purchase products by farmers and these funds can be used for more timely payment to farmers. Thus, this sector was chosen due to the reason that here, there are seasonal effects and fluctuations in relation to the period necessary for the buyout until their processing, marketing and payment of marketed products. Therefore, within this time period, they need liquid assets to fill this gap and that is why the Government intervenes through Macedonian Bank for Development Promotion, Stavreski said.

President of the Supervisory Board of the Bank, Oliver Kosturanov pointed out that these funds provided by the Government, through recapitalization of Macedonian Bank for Bank for Development Promotion, give additional opportunities for improving and developing the production and competitive abilities of small and medium-sized enterprises.   

Credit line will be directly managed by Macedonian Bank for Development Promotion under exceptionally favorable conditions with an interest rate of 3% for the final beneficiaries. Repayment period will be five years and the grace period will be one year if it is a matter of fixed assets and 18 month -repayment period and 3 month-grace period for working capital credits. Requests will be directly submitted to Macedonian Bank for Development Promotion in Skopje.

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