Information on the target
The target of this investment initiative is Makprogres, a family-owned confectionery company based in Vinica, North Macedonia. Established in 1990, Makprogres has grown significantly over the years, employing nearly 600 individuals and exporting its range of sweets and snacks to over 55 countries worldwide. The company has become a leading player in the North Macedonian confectionery market, thanks to its commitment to continuous development and innovation across three generations of the Cvetanov family.
Additionally, the investment includes support for the first private wind farm in North Macedonia, located near the village of Bogoslovec. This project aims to enhance the country's renewable energy capacity, aligning with the government's goal to increase the share of renewable energy in the energy mix to over 50% by 2024.
Industry overview in the target’s specific country
North Macedonia's economy has been undergoing significant transformation, particularly in the private sector, where small and medium-sized enterprises (SMEs) play a crucial role. The European Bank for Reconstruction and Development (EBRD) has been actively involved in the region, providing financial and advisory services to strengthen the private sector. This support is vital for SMEs, which often face challenges in accessing financing due to their size.
The EBRD manages the Enterprise Expansion Fund (ENEF), which has been instrumental in investing in successful projects across the Western Balkans. Since its inception, ENEF has allocated €28 million to various initiatives, focusing on bridging the financing gap for SMEs and fostering growth and job creation in the region.
Moreover, the North Macedonian government is prioritizing the transition from coal-based energy to renewable sources. The country possesses significant wind potential, particularly in the southeastern region, which is characterized by consistent high wind speeds. This shift towards renewable energy is not only essential for environmental sustainability but also for enhancing energy independence and stability.
The establishment of the private wind farm near Bogoslovec represents a significant step towards achieving these energy goals. With a capacity of 36 MW, the project is expected to…