December 14 (SeeNews) - North Macedonia's government said it has decided to increase by 3 million euro ($3.7 million) the capital of the national development bank by issuing customs guarantees.
The aim of the capital increase is to provide support to the private sector, export companies in particular, during the Covid-19 crisis, the government said in a statement on Friday.
The issuance of customs guarantees will facilitate the import of processing materials which will later be exported as products and services, the Development Bank of North Macedonia said in a separate statement on Monday.
The Development Bank of North Macedonia aims to back the development of the economy through provision of finance to small and medium-sized enterprises and export-oriented companies.
($ = 0.8217 euro)