January 26 (SeeNews) - North Macedonia's Fund for Innovation and Technology Development, FITR, said on Friday it will provide 5 million euro ($5.4 million) in grants to local micro, small and medium-sized enterprises (MSMEs) to back their technological development and growth.
The initiative aims to help businesses overcome economic challenges and boost growth through the adoption of innovative, green, and digital technologies, enhancing global competitiveness and resilience to crises, FITR said in a statement.
Micro companies are eligible for funding of up to 2.5 million denars ($44,115/40,626 euro), small firms can apply for grants of up to 5 million denars, whereas medium-sized companies will be backed with grants of up to 10 million denars.
Companies can apply for funding until February 29.
The government established FITR in 2013 with the aim to encourage innovation by providing additional funding sources to companies.
($ = 0.921 euro)