Skopje, 24 July 2024 (MIA) — Vinica's family-owned Makprogres agribusiness company that employs 640 staff and owns the Vincinni, Donia, Soncheva dolina, Fantasia and Natura brands and offers their products in more than 60 countries worldwide will be provided a Sparkasse Bank loan of up to EUR 2 million, with up to EUR 1 million being guaranteed by the European Bank for Reconstruction and Development.

According to EBRD President Odile Renaud-Basso quoted in an EBRD press release, the loan will support Makprogres’s working capital and help to meet its liquidity needs following an increase in demand.

In the release, Renaud-Basso confirmed that 50 percent of the loan provided through EBRD's partner bank Sparkasse Bank will be guaranteed under its 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.

According to Sparkasse Bank management board deputy chair Nina Nedanoska, Sparkasse Bank and Makprogres have already established a strong relationship and Sparkasse Bank aimed at being a banking industry leader in introducing innovative products in cooperation with important development stakeholders, focusing on innovation and lending in key sectors for economic development.

Makprogres CEO Gligor Cvetanov said the funding would support the agribusiness company's further growth and development, increase its production capacity, support the development of new products, and improve its productivity and competitiveness.

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