May 18 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is extending a 2 million euro ($2.1 million) credit line to North Macedonia’s Procredit Bank to back local small and medium-sized enterprises (SMEs).
The funding would be used for investments in green technologies and other investments that will help SMEs to reboot their businesses following the Covid-19 pandemic, the EBRD said in a press release on Tuesday.
Borrowers will also benefit from grant incentives worth up to 15% of the loan amount which will be provided by Luxembourg, Norway, the US and other potential donors.
The loan will be extended under the EBRD's Sustainable Reboot SME Programme, which supports the recovery from the pandemic of small firms. Some 70% of programme funding will be allocated to investments in energy-saving and green technologies, while the remainder will support investments in automation, increased productivity, product quality and safety, the EBRD said.
($ = 0.9502 euro)