EBRD to lend 6.0 mln euro to Macedonia's NLB Tutunska Banka to back SMEs

SKOPJE (Macedonia), April 16 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will lend 6.0 million euro ($8.3 million) to Macedonia's NLB Tutunska Banka to help increase the competitiveness of the country’s private sector and promote energy efficiency.

The EBRD will provide two loans of 3.0 million euro each to NLB Tutunska Banka for on-lending to small and medium-sized enterprises (SMEs), it said in a statement.

One of the loans will be used to finance energy efficiency improvements and small renewable energy projects, while the second loan will support SME investments necessary to comply with the European Union’s health and safety, environment, and product safety and quality standards.

The funds from both credit lines can be used within a period of up to five years, with a grace period of up to two years. The loans are approved under the Western Balkans Sustainable Energy Financing Facility II (WeBSEFF II) and the Private Sector Support Facility for Western Balkans (PSSF), respectively.

The EBRD has signed over 80 projects in Macedonia with a net cumulative business volume of more than 1.1 billion euro.

($=0.7245 euro)

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