N. Macedonia to further boost Development Bank's capital

At the end of June, Development Bank had a registered equity capital of 1.4 billion denars, divided into 443,649 shares of 3,108 denars in par value each, according to its latest financial report.

The funds for the capital increase will be provided by the country's budget for 2022 and should be transferred into Development Bank's account within 15 days, local news website Faktor reported on Friday. Part of them might go towards a credit line for renewable energy and energy efficiency projects.

In December 2020, North Macedonia's government decided to increase Development Bank's capital by 3 million euro in order to provide support to the private sector, export companies in particular, during the Covid-19 crisis.

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.

(1 euro = 62.96 denars)