SKOPJE, April 24 (Xinhua) -- Micro-businesses affected by the coronavirus crisis in North Macedonia can apply for zero-interest loans through the Development Bank of North Macedonia as of April 29, Finance Minister Nina Angelovska told a press conference on Friday.
The zero-interest loans, offered from the package named "COVID-2", range from a minimum of 3,000 euros (3,244 U.S. dollars) to maximum of 90,000 euros and have a three-year repayment period with a 12-month grace period.
According to Angelovska, this is a significant financial injection for micro, small and medium-sized enterprises aimed at keeping liquidity of businesses and preserving jobs.
Development Bank of North Macedonia has previously launched a 5.7-million-euro "COVID-1" credit line to assist companies facing difficulties due to the coronavirus pandemic.
"COVID-2" package offers a larger amount for zero-interest loans than "COVID-1" credit line and it covers all sectors affected by the crisis," the minister said.
Eligible to these loans are all affected micro-businesses that have experienced at least 30 percent reduction of revenues last month compared to the average from the last year average.
The funds for the zero-interest loans amount to 8 million euros, the minister said.
To date, a total of 254 companies have been approved funds of a total of 2.2 million euros for "COVID-1" credit line.
North Macedonia's economy is expected to shrink close to 3.7 percent in 2020, according to the Finance Ministry.
Twenty-six new coronavirus cases were registered in North Macedonia in the last 24 hours, according to the ministry. The total tally of coronavirus cases in the country reached 1,326 on Friday, with 337 recoveries and 57 fatalities. (1 euro = 1.08 U.S. dollars) Enditem
