Macedonian Government to support enterprises through equity funds

The government of the Republic of Macedonia will to support innovative and entrepreneurial spirit of micro, small and medium-sized enterprises (MSMEs) by announcing three public calls totaling to MKD 645 million.

Also, for the first time, the state following the example of Israel will support small and medium-sized enterprises, thus becoming their partner and participate in their ownership of up to 25 percent. To that end, MKD 50 million has already been provided, while relocation of MKD 400 million of unused funds are in government procedure, thus providing MKD 450 million for realization of this measure.

The s- called equity funds i.e. when enterprises are small and risky, the state determines assets in the fund and participates in their ownership of up to 25 percent. The state will do this according to criteria and assessment by an expert team that will assess the idea for business development, Deputy PM for Economic Affairs Koco Angjusev said at Thursday’s press conference.

Part of the support measures include 30 percent return on funds for construction of halls and procurement of equipment for fast-growing companies as well as covers 70 percent of the cost for developing a new product. Support for professional development for the newly employed is also planned.

I urge everyone, especially young people to recognise this programme and to invest, to stay in our country and to demonstrate the capacity of entrepreneurship, and the state will be their partner and will give assistance, Angjusev said.

The measures are part of the medium-term programme of the Fund for Innovation and Technological Development for the financial support of micro, small and medium-sized enterprises for the period 2018-2020, adopted at the last government session.

Director of the Fund for Innovation and Technological Development Jovan Despotovski said that the conditions for companies that apply are defined for each measure separately.

In addition to these measures, funds are also provided through the competitiveness, entrepreneurship and innovation program implemented by the Ministry of Economy.