May 12 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is extending a 2 million euro ($2.1 million) credit line to North Macedonia's Komercijalna Banka Skopje [MSE:KMB] in support of local small and medium-sized enterprises (SMEs).
Komercijalna Banka will on-lend the financing to SMEs for investments in better-performing green technologies and to improve their working standards and processes, thus helping them restart their businesses after the disruptions caused by the Covid-19 pandemic, the EBRD said in a statement.
The investments should make the SMEs more compliant with European Union and international standards, therefore boosting their competitiveness in both domestic and foreign markets, the EBRD added.
The borrowers will also benefit from grant incentives worth up to 15% of the loan amount, which will be funded by Luxembourg, Norway, the US and other potential donors.
The loan will be provided under the EBRD's Sustainable Reboot SME Programme, which supports the recovery of small firms from the negative effects of the pandemic.
($ = 0.9600 euro)
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