May 11 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is providing a loan of 1 million euro ($1.2 million) to Sparkasse Leasing Skopje to boost the competitiveness of small and medium-sized enterprises (SMEs) in North Macedonia.
The companies can benefit from sub-loans for investments in upgrades, including in technology, equipment or vehicles, with a view to reaching EU standards, particularly those related to product quality and safety, health and safety and energy efficiency, the EBRD said in a statement.
It is expected that at least 60% of those investments will be in green technology and energy efficiency, the EBRD added.
Furthermore, the European Union (EU) will provide grant incentives worth up to 15% of the total loan amount on successful project completion to the loan receivers.
“This assistance provides opportunities for businesses to improve networking and scale up operations. In particular we will help them invest in their digital upgrading and use resources in a more sustainable manner thereby increasing their environmental performance and further improving competitiveness," David Geer, head of the EU delegation to North Macedonia, said in the statement.
($ = 0.8219 euro)