At a press conference on Tuesday to commemorate the Development Bank of North Macedonia’s 25th anniversary, Prime Minister Dimitar Kovachevski stated that the bank has enabled financial support of EUR 378,8 million for 6.307 companies and 50.529 jobs over the last five years through the implementation of anti-crisis measures and the introduction of new products. He claimed that the Bank was crucial to the growth of the economy during a period of major global changes, the maintenance of business liquidity, and the protection of jobs.

According to PM Kovachevski, new initiatives and goods valued at EUR 215 million that will benefit 855 domestic businesses should be implemented in the near future.
In order to create an economy that is resilient to risks and crises and benefits both domestic enterprises and citizens, the prime minister praised the collaboration of all pertinent parties, departments, and international financial institutions.

Additionally, Kovachevski emphasized the recently introduced instruments—the popular, green, and structural bonds—which are intended to foster the growth of the nation’s capital market and spur investment activity by attracting private capital.

“The Development Bank’s developed guarantee fund, which promotes domestic businesses and enhances and facilitates access to financing through corporate banks with guarantees provided by the Development Bank, is another tool for a rapid economic growth. To make the utilization of assurances easier, Kovachevski stated, “The Finance Ministry and the Development Bank are preparing measures which will be announced soon.” He mentioned additional measures as well, like funds for small and medium-sized businesses to realize investments in renewable energy sources, energy efficiency, and environmental protection, as well as customs guarantees to support export companies. Since the bank’s founding, according to Development Bank CEO Kire Naumov, it has carried out initiatives that offer advantageous credit lines and other banking practices that allow for ongoing support and sustainability for the businesses, particularly during difficult times.

“As part of the current realization in the six stages thus far and revolving funds from that institution with our strategic partner, the European Investment Bank.” Based only on that, the Development Bank has supported 3.941 projects with EUR 804 million, creating almost 12.000 jobs in the process, according to Naumov.

According to Naumov, the seventh credit line, valued at EUR 100 million, is presently in progress, with EUR 64.5 million having been given to end customers in a record amount of time. Additionally, a new EUR 50 million agreement was inked with the French Development Agency. This money is now operational and will be made available to users through corporate banks starting next year, primarily for initiatives in the green and social sectors. The final steps of obtaining funding from the Council of Europe Development Bank will see the country’s micro, small, and medium-sized businesses get EUR 50 million, according to Naumov.

According to the head of the Development Bank, the organization will keep its focus on helping the nation’s economy grow through advantageous loans, increased support for exports, support for green financing, and support for innovative business ideas and digitization processes.