The European Bank for Reconstruction and Development and the European Union have signed €5 million in financing agreements with ProCredit Bank AD Skopje to support women-led and youth-led businesses in North Macedonia.
The package consists of two loans of €2.5 million each — one under the Western Balkans Women in Business Phase II programme and one under the Western Balkans Youth in Business programme, the EBRD announced on Monday.
The EU is backing both facilities with technical assistance and a first-loss counter-guarantee through the European Fund for Sustainable Development Plus programme.
The EBRD said the loans will be on-lent in full to eligible micro, small and medium-sized enterprises (MSMEs) led by women and young entrepreneurs.
MSMEs are businesses ranging from micro firms to medium-sized companies.
The Youth in Business loan will support firms owned or managed by entrepreneurs under the age of 35, according to the EBRD.
Second round of support with ProCredit Bank
This is ProCredit Bank’s second transaction under each of the two programmes, the EBRD said.
“Supporting women and young people in business is central to building more inclusive, resilient and competitive economies,” said Fatih Türkmenoğlu, the EBRD’s head for North Macedonia.
Stevce Kuzmanovski, a member of ProCredit Bank’s management board, said the bank expected high demand for the new financing cycle.
The EBRD said it has invested more than €3 billion in over 210 projects in North Macedonia.
