Stavreski: Effective New 50 Million Euros for the Small and Medium Enterprises from the EIB

The 50 million euros credit line from the European Investment Bank (EIB), intended for financing projects of small and medium enterprises, became effective with today’s signing of the Agreements on the loan security.

The funds will be distributed by the Macedonian Bank for Development Promotion through the commercial banks with favourable terms. The interest rate will be 5.5%, and two types of credits will be granted – investment credits for permanent working capital. The amount of the investment credits will be between 10,000 and three and a half million euros, with a repayment period of up to eight years and a two-year grace period. The credits for permanent working capital.will amount between five thousand and 670 thousand euros, with a repayment period up to three years and a six – month grace period.

The funds will be granted through the nine banks which were included in the first instalment of 100 million euros, but, consent was requested from the EIB to include three more banks for facilitating the availability to the end user.

- With this, the Government fulfilled its promise to implement this project, which is one of the most important for supporting the Macedonian economy with fresh funds, obtained on exceptional terms. Making use of these 50 million euros is very important at times when the crisis affects Europe at ever larger proportions, and at times when it is quite clear that the banking sector in Europe and in our country is facing additional risks, thus making the access to funds evidently harder. This is why we promptly began our preparations to provide new funds for the Macedonian companies and we managed to complete all preparatory activities, stated the Deputy Prime Minister and Minister of Finance Zoran Stavreski at today's press conference at the Ministry of Finance.

He announced new 100 million euros from the EIB, when 70% of this instalment of 50 million euros will be spent. – We will do everything in our power to eliminate the vacuum between the two instalments, i.e. to immediately effectuate the next instalment of 100 million euros after the current instalment has been spent, which would become effective in the first quarter of next year, said Stavreski.

He expects that the current 50 million euros will be quickly spent by the Macedonian companies.

The chambers of commerce in the country are satisfied and expressed their readiness to use these funds.

The credit line of 50 million euros is related with the previously implemented project of 100 million euros financial support for small and medium enterprises, used to finance over 300 projects and 2,000 new workplaces were created.