September 24 (SeeNews) - North Macedonia's Development Bank will provide guarantees for individual export credits of up to 30 million denars ($571,400/487,600 euro) to majority privately held export-oriented companies, it said on Friday.
To be eligible for the state guarantees, a company has to generate at least 30% of its revenue from exports, the development bank said in a statement.
North Macedonia's Development Fund will extend guarantees for loans starting from 3.1 million denars, with the guarantee amount to be capped at 50% of the loan principal.
The bank will provide the loan guarantees through a 10 million euro guarantee fund it established earlier this year. The development bank plans to increase the fund's capacity by 5 million euro by the end of 2021, it said.
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 = 61.51 denars)