Skopje, North Macedonia, June 21, 2019 —IFC, a member of the World Bank Group, signed a memorandum today with the Ministry of Finance of North Macedonia that is designed to spur the development of the country’s manufacturing sector. The partnership is part of a larger effort by IFC to create jobs, increase domestic exports, and drive economic development in the Western Balkans region.
The North Macedonia project is supported by the State Secretariat of Economic Affairs of Switzerland (SECO) and will see IFC counsel state agencies on how to reduce red tape and create regulations that support the manufacturing sector. It will also see IFC provide advice to local small- and medium-sized companies, helping them to improve their operations, get access to finance, and make connections with firms in the Eurozone. This is important in North Macedonia where many local manufacturers have struggled to break into Western Europe and integrate themselves into the supply chains of multi-national companies
“This partnership will help make North Macedonia a more attractive destination for foreign manufacturers and encourage the development of local manufacturers,” said Dragan Tevdovski, Minister of Finance of North Macedonia. “That will have a ripple effect across the economy, as supply chains develop, and local companies gain valuable know-how.”
The partnership is the first phase of a planned IFC program to support manufacturers across North Macedonia, Serbia, and Kosovo.
“Manufacturing is a crucial source of jobs and foreign investment in this region,” said Georgina Baker, IFC Vice President for Europe, Central Asia, Latin America and the Caribbean. “By supporting local manufacturers, we can boost exports, enhance linkages to the global value chains, spur job creation, and foster more sustainable growth.”
The Swiss Ambassador Sybille Suter Tejada said: “The private sector holds the key to creating jobs and driving growth in North Macedonia. By providing advice to private businesses, especially manufacturers, we can help the country capitalize on its tremendous potential.”
This is the first advisory project under the new World Bank Group-North Macedonia Country Partnership Framework for 2019-2023. A pillar of that strategy is the development of the country’s private sector, a key source of jobs and innovation.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
Stay Connected
www.instagram.com\ifc_org
About SECO
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve inclusive sustainable growth and poverty reduction in its partner countries. Its activities aim to create more and better jobs, to enhance trade and competitiveness, to support effective institutions and services and to foster climate resilient economies. For more information, visit www.seco-cooperation.admin.ch .
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.