Press Releases

IFC Helps Expand Access to Finance for Smaller Businesses in FYR Macedonia

In Washington, D.C.:
Aliza Marcus
Phone:  (202) 473 8168

In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750

Skopje, FYR Macedonia, April 14, 2010—IFC, a member of the World Bank Group, will provide a €25 million loan that will enable NLB Tutunska banka to extend loans to small and medium enterprises in the FYR Macedonia.  IFC will also provide a €3 million trade finance guarantee facility to support the bank’s clients, small and midsize importers and exporters.

IFC’s investment will help address the limited access to finance for Macedonia’s smaller businesses, a problem exacerbated by the global financial crisis.

“We are pleased to consolidate our strategic partnership with IFC through this transaction,” said Gjorgi Jancevski, Chief Executive Officer of NLB Tutunska banka.  “With IFC’s loan and trade finance guarantee facility, we can increase our support to small and medium enterprises, confirming our traditional commitment to them and further expanding our role in trade financing in Macedonia.”

Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “NLB Tutunska banka became IFC’s main platform for scaling up financing for Macedonia’s smaller businesses.  We are pleased to extend this loan and trade finance line and support the bank under difficult conditions in international financial markets.”

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by helping expand access to finance for smaller businesses.

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC’s new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit

About NLB Tutunska banka
NLB Tutunska banka AD Skopje is one of the top three leading bank institutions in Macedonia with a constant growth trend and positive operating results since its foundation. It is one of the most dynamic banks on the market, growing continuously in terms of loans and deposits. NLB Tutunska banka is majority owned by the Slovenian NLB d.d. with a market share of 20 percent and is a leading provider of loans to small and medium enterprises in the country. The bank has a large branch network covering all areas of the country.  For more information, visit