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Nov 23, 2023 14:37 EEST
November 23 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is providing two loans worth a total of 9 million euro ($9.8 million) to North Macedonia’s Procredit Bank to support young entrepreneurs and grassroots businesses and to promote green lending.
The EBRD is extending a 2 million euro loan to Procredit Bank under its Youth in Business (YiB) programme to back local micro, small and medium-sized enterprises (MSMEs) owned or managed by entrepreneurs under the age of 35, it said in a press release.
The recently launched YiB programme in the six Western Balkans economies is targeting innovative young entrepreneurs who have limited access to financial and advisory services.
The lender is also providing a 7 million euro loan under the Green Finance Facility (GFF) to be on-lent to local small and medium-sized enterprises (SMEs) for investments in renewable and energy efficient technologies. Eligible borrowers will also receive grants of up to 10% of the sub-loan amount.
The GFF is a joint pilot initiative by the EBRD, UNDP and the government of North Macedonia, which provides access to affordable green finance for SMEs, as well as marketable but underserved groups of individuals and households for investments in renewable energy and energy efficient measures, contributing to the reduction of greenhouse gas emissions and air pollution.
($ = 0.916892 euro)
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