EBRD working with Sparkasse Bank to support local agribusiness company in North Macedonia

• EBRD and Sparkasse Bank supporting the expansion of Makprogres DOO Vinica
• Loan provided by Sparkasse Bank, with the EBRD sharing the risk under its unfunded risk sharing framework
• Loan will support the company’s growth, helping it to meet an increase in demand

Sparkasse Bank is providing a loan of up to €2 million to Makprogres DOO Vinica, with up to €1 million being guaranteed by the European Bank for Reconstruction and Development (EBRD) under its unfunded risk sharing framework. This loan will support Makprogres’s working capital and help to meet its liquidity needs following an increase in demand.

Odile Renaud-Basso, President of the EBRD, said: “I am happy to confirm that a loan of up to €2 million has been provided to Makprogres through Sparkasse Bank, our partner bank, with the EBRD guaranteeing up to 50 per cent of the loan under its risk sharing framework. The funds will be used to support Makprogres`s working capital and liquidity needs in response to an increase in demand. The Project will continue with the support of the newly built multidisciplinary educational Centre, providing accredited training opportunities and labour market recognized certification in the under-served regions.”

Ms Nina Nedanoska, Deputy President of the Management Board of Sparkasse Bank AD Skopje, said: “Sparkasse Bank has always seized opportunities to be a leader of the banking industry in terms of introducing innovative products in cooperation with important development stakeholders, while focusing on innovation and lending in sectors with primary importance for economic development. Sparkasse Bank and Makprogres have already established a strong and healthy relationship, and we are pleased to see that partnership continue to evolve, this time in cooperation with the EBRD, which often supports our client relationships through the risk sharing framework.”

Gligor Cvetanov, the CEO of Makprogres, said: “With the agreement we have signed today, Makprogres DOO Vinica has secured funding that will support its further growth and development, increase its production capacity for existing products, support the development of new products, and improve its productivity and competitiveness. Sparkasse Bank and the EBRD have been part of our growth and development over many years of successful cooperation, and it is an honour and a pleasure to have them as partners.”

Makprogres is a local family-owned company with 640 staff which produces and sells food products under the brands Vincinni, Donia, Sun Valley, Fantasia and Natura in more than 60 countries worldwide.

Sparkasse Bank is the EBRD’s leading partner bank in North Macedonia and the first bank in the country to participate in the unfunded risk sharing framework. The EBRD’s risk sharing facility allows partner banks to share their exposure through either funded or unfunded risk participation when issuing loans to clients, contributing to the strengthening and expansion of local enterprises.

The EBRD is a major institutional investor in North Macedonia. To date, it has invested €2.9 billion in 190 projects across the country.