“We have been continuously investing in innovation and new technologies, helping the Macedonian printing industry stay competitive in regional and European markets.”
What you need to know
Three North Macedonian companies — Dema Stil, Kiro Dandaro and Hotel Pamela — upgraded equipment and adopted clean energy solutions, backed by the European Investment Bank. The investments boost local jobs and help businesses compete in regional and EU markets.
Why this matters
Small companies power North Macedonia’s economy. Access to predictable, long‑term finance is critical for them to modernise, especially at a time when energy prices are volatile and new EU climate regulations are prompting local industries to accelerate decarbonisation. Investment in efficient machinery and renewables cuts energy costs and emissions.
Numbers that tell the story
- 70%: The improvement in energy efficiency for Dema Stil after replacing outdated equipment with next‑generation automated machinery.
- 50%: The company’s increase in output.
North Macedonia’s green financing from the EU
After the breakup of Yugoslavia over 35 years ago, the Simonov family saw an opportunity to create something of their own. They founded Dema Stil in the early 1990s with a single machine and gradually expanded into a toy manufacturer serving markets around the world.
“We wanted to make creative, safe toys for children of all ages,” says Sasho Simonov, who works with his brother, son and father in the family‑run factory.
To boost production capacity, Dema Stil secured a €500,000 loan in 2024 from ProCredit Bank Macedonia that was backed by the European Investment Bank. Dema Stil invested the money in a major machinery upgrade.
“This has significantly boosted output and energy efficiency,” Simonov says.
The new technology means a single operator can now oversee dozens of machines, with systems pausing during cooling and other phases — a change that “significantly cuts down on unnecessary energy consumption,” he adds.
“It allowed us to create new jobs and provide training in advanced technologies, which has strengthened our teams and production capabilities.”
How the EU’s financing arm helps North Macedonia go green
The European Investment Bank channels green financing through local partner banks, so that companies can modernise operations, install renewable energy and improve efficiency. Its €100 million green financing programme with the Development Bank of North Macedonia enables participating commercial banks to offer financing on favourable terms to small businesses across the country. The programme:
- supports energy efficiency, renewable energy and circular‑economy investments
- provides predictable interest rates for small and medium enterprises (SMEs) to help them plan long‑term upgrades
“We’re collaborating with the government and the Development Bank of North Macedonia to support key economic priorities and provide financing, as well as know‑how for businesses,” says Björn Gabriel, head of the European Investment Bank’s office in North Macedonia.
Expert insight
Aleksandar Todorov is deputy branch manager at ProCredit Bank Macedonia.
Q: What is the key advantage of this funding?
A: Predictable interest rates are essential for Macedonian companies, as they allow for more confident planning of long‑term investments. In an uncertain market, interest rates become a critical factor influencing overall strategic choices.
Innovation doubles production for North Macedonia SME
One company using the programme to accelerate innovation is Kiro Dandaro, a leading printing house founded in 1944. From a small workshop with 22 employees, it has grown into a modern graphic powerhouse with a team of 200, producing everything from business cards and brochures to packaging for food and pharmaceuticals.
With a €2.8 million loan obtained through NLB Banka AD Skopje in 2024, Kiro Dandaro upgraded its packaging production with a new flexible packaging machine.
“Automation has boosted our production capacity by 100%, ensuring we meet client demands more efficiently while maintaining the highest standards,” says general manager Petar Miloshevski.
The investment in energy‑efficient equipment has boosted quality, streamlined operations and reduced environmental impact.
North Macedonia tourism gets clean tech boost
Goran Sivački
Tourism is also benefiting.
In Negotino, Hotel Pamela used a €150 000 loan backed by the European Investment Bank to install solar panels, renovate 25 rooms and open a new restaurant.
“The solar panels have significantly reduced our energy costs, lowered the carbon footprint, and allowed us to operate in a more sustainable way,” says hotel manager Petar Ivanovski. “The panels now supply hot water for the entire facility, cutting energy consumption by 40% and making the property energy independent.”
These upgrades improve guest comfort and support the town’s effort to position itself as an emerging destination rooted in centuries‑old winemaking traditions.
Key facts
2 500
companies supported by EIB-backed
loans since 2009
140 000
jobs supported by those loans
Clean tech provides jobs and opportunity
With continued green financing and technical know‑how, more Macedonian businesses can adopt sustainable technologies that lower costs, protect the environment and build long‑term competitiveness — ensuring the country’s entrepreneurs keep creating jobs and opportunity at home.
Read more
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North Macedonia and the EIB
The latest news and information on the EIB’s development work in North Macedonia
DBNM LOAN FOR SMES MID-CAPS AND GREEN TRANSITION
EUR 100m credit line to the Development Bank of North Macedonia (DBNM) to address liquidity and investment needs of SMEs, Mid-Caps and other eligible entities in the Republic of North Macedonia. The facility targets at least 30% CA&ES projects, with particular focus on energy efficiency interventions.
