Public Announcements

Development Bank is digitalizing the credit insurance process

15/03/2024

- Press release from USAID and Embassy of Switzerland in North Macedonia -

 

Through digitalization to the development of factoring and increase of exports

 

The Development Bank of North Macedonia, the USAID Activity Partnerships for Economic Growth, and the Swiss Program for Increasing Market Employability (IME) signed an agreement for the procurement of a new digital product on the domestic financial market - a digital tool for credit insurance.

 


The purpose of this cooperation is to respond to the domestic companies' needs for growth and development, that is, to facilitate the access of companies to more appropriate instruments and solutions for financial management. This software solution will ease and hasten communication and assist companies to more easily use the instruments offered by the Bank to facilitate transactions, especially in the area of securing receivables, export insurance, and factoring. The solution will be implemented on the web platform of the Development Bank and fully adapted for the companies to use it successfully.

 


 

Last year, according to the internal analysis of the Development Bank, and the private sector's needs for access to finance, the Bank effectively implemented a credit line for digitalization and digital transformation, with the support of the Swiss Program for Increasing Market Employability - IME.
 
The digitization of one of the Bank's key processes will contribute to a direct increase in insured exports, as well as export and domestic factoring. In addition, this process will positively affect the investments of companies and create new jobs.
 
 
NOTE TO EDITORS

Development Bank of North Macedonia is a development bank that is 100% owned by the Republic of North Macedonia. It was founded in 1998 with the primary goal of supporting domestic micro, small, medium, and export-oriented commercial companies and strengthening the competitiveness of the Macedonian economy. The bank supports domestic companies through direct lending and lending through commercial banks, short-term insurance of the export of Macedonian products and services against commercial and political risks, domestic and export recourse factoring, as well as issuing guarantees. For more information about the work of the Development Bank: https://www.mbdp.com.mk/.

Switzerland has been a sincere and reliable partner of North Macedonia since 1992. Diplomatic relations between the two countries were established in 1994, and in 1996 the Swiss Development and Cooperation Program began in the country. Since then, Switzerland has invested around 350 million Swiss francs, one of the largest bilateral donors in the country, to support sustainable economic growth, nature protection and sustainable management of natural resources, and good democratic governance in the country. More information can be found on the website https://www.eda.admin.ch/countries/north-macedonia/en/home.html and on the official Facebook, LinkedIn and Twitter pages.

The American people, through USAID, have invested over 840 million dollars in the country since 1993. USAID is the world's leading international development agency and a driver of development achievement. USAID's work advances the national security and economic prosperity of the United States, reflects American generosity, and helps countries with which it cooperates on the path to independent and stable development. For more information about USAID's work in North Macedonia, visit our website https://www.usaid.gov/north-macedonia and follow us on YouTube, Тwitter, and Facebook.