North Macedonia has secured €100mn in inexpensive loans from the European Investment Bank (EIB) for on-lending to small and medium sized enterprises (SMEs) via commercial banks after the parliament adopted the law on the new borrowing, the finance ministry said on June 1.
The European Commission said also on June 1 it disbursed €80mn for North Macedonia from its macro financial assistance, which is the second and final tranche of its €160mn programme for the country.
“The corporate sector needs support to solve liquidity and solvency problems during the crisis, especially in contact-intensive industries,” the finance ministry said in the statement.
"New funding should be delivered via various mechanisms. In that way, a multiple positive effect on the economy will be achieved," Finance Minister Fatmir Besimi said.
The financial agreement with EIB on securing a €100mn loan is expected to be signed this month.
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