(Source: European Investment Bank)
- The EIB is committed to supporting new projects for climate action, climate adaptation and mitigation by providing accessible finance and technical assistance
- To date, the EIB Group has invested some €1 billion in the economic and social development of North Macedonia
- As part of the Team Europe financial package for the COVID-19 recovery in the Western Balkans, the EIB has already delivered its €1.7 billion commitment
During a visit to Skopje, the European Investment Bank’s (EIB’s) Vice-President Lilyana Pavlova reaffirmed the Bank’s support for a faster recovery in North Macedonia and its green and digital transition. Vice-President Pavlova participated in the Ministry of Finance’s annual conference and met with Prime Minister Zoran Zaev, Minister of Finance Fatmir Besimi, EU Ambassador David Geer and the management board of the Development Bank of North Macedonia. At these meetings, she confirmed the EIB’s unwavering commitment to North Macedonia, announcing support for new investments directed towards the recovery of small and medium enterprises, a renewable and diversified energy supply, digitalisation and major infrastructure projects.
As a long-standing partner to North Macedonia, the EIB intends to expand its investments in a number of sectors to increase the country’s resilience to future crises and facilitate its economic transition to a greener and more digital model. These projects will bring the country closer to achieving its climate goals and help alleviate severe environmental issues. To boost economic development and prevent job losses, the EIB is looking to support the private sector further thanks to new financing solutions with its long-standing partner, the Development Bank of North Macedonia. Earlier this year, the EIB signed €100 million to help small businesses in the country recover faster, save jobs and adapt to their new circumstances.
EIB Vice-President Lilyana Pavlova, who is responsible for North Macedonia, said: “The EIB Group is a reliable partner to North Macedonia – with €1 billion of lending signed and more strategic investments to come. I would like to reaffirm the EIB’s full backing for North Macedonia and the region in helping them achieve their goals and complete their reforms to align with EU policies and the European Commission’s enlargement strategy. Also, we stand ready to provide full support to enable the country to take full advantage of the Commission’s economic and investment plan.”
At the meeting, Prime Minister Zaev emphasised the exceptional cooperation with the EIB in supporting capital investment in infrastructure and other projects that are complementary to the Government’s reform policies and overall efforts regarding North Macedonia’s integration process in the European Union. The Minister of Finance Fatmir Besimi expressed gratitude for the support given by the EIB on the country’s path to EU accession and expressed confidence that the successful cooperation will continue in the future.
The Development Bank of North Macedonia’s Chief Executive Kire Naumov said: “The strategic and successful collaboration between the EIB and the DBNM has resulted in €550 million in financial support for the private sector in North Macedonia. With the most recent loan of €100 million, we expect to provide financial support for at least 300 projects conducted by small and medium enterprises in North Macedonia. Alongside the EIB, the DBNM is looking forward to providing even more targeted financial support to small and medium-sized companies in the country.”
The EIB has been active in the territory of North Macedonia since its establishment in 1991, providing finance to support key infrastructure projects, local authorities as well as small and medium-sized enterprises (SMEs). The EIB has provided €1 billion of financing to SMEs and transport, energy and utility infrastructure projects. For more information regarding the EIB’s projects in North Macedonia, please go to:
The EIB is one of the leading international financiers in the Western Balkans.
As part of the #TeamEurope strategy, the European Union’s global response to COVID-19, the EIB Group has rapidly mobilised €5.2 billion outside the European Union, accelerating financing and targeted technical assistance. For the Western Balkan countries specifically, the EIB has prepared an immediate support package of €1.7 billion, primarily for SMEs and the healthcare sector. The total EU financial support package for the Western Balkans amounts to more than €3.3 billion.
The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. Also as part of the Roadmap, all new EIB Group operations will be aligned with the goals and principles of the Paris Agreement from the start of 2021.