North Macedonia Approved 33% of Loan Funds for 94 Large-Firm Projects

North Macedonia approved one-third of the value of a state-backed investment credit line for 94 projects at large businesses, even though those projects represented only about 12% of the 767 approved projects, according to a State Audit Office report published on 29 October 2026.

The audit covers a €250 million credit line operated through the Development Bank of North Macedonia and 12 participating commercial banks. Its review of approvals from January 2025 to February 2026, together with subsequent approvals reported for March and April, shows MKD 14.256936 billion approved across 767 projects. The amounts are **approved credit**, not money lost or proof that every loan was already disbursed.

Large enterprises accounted for 94 approved projects worth MKD 4.720384 billion, or 33% of the approved total. Small enterprises accounted for 455 projects, 59% of the project count, but MKD 3.565574 billion, or 25% of the value. Medium enterprises had 171 projects and MKD 4.606378 billion, about 32% of the total. Micro enterprises had 47 projects worth MKD 1.364600 billion, about 10%.

The distribution highlights a distinction between the number of businesses' projects supported and the amount of financing assigned to them. A larger average loan for a large-firm project does not itself establish preferential treatment, misuse or a breach of programme rules. The scheme permits up to €10 million per borrower, a fixed interest rate of 1.95%, a repayment period of up to 15 years and a company contribution of at least 20% of investment value.

The State Audit Office reported a **positive compliance conclusion**. It said the Development Bank's activities and management of the credit line complied in all material respects with the relevant laws, regulations, internal rules and agreements. Its examination covered 123 development projects worth MKD 7.334103 billion, equivalent to 52% of the MKD 14.080298 billion actually drawn down by February 2026. A favourable legal-compliance opinion is not a measurement of whether every investment will produce its promised jobs or economic returns.

Manufacturing received the largest sector allocation, MKD 6.292415 billion for 281 projects, or 44% of approved credit. Trade accounted for 25%, transport 10%, construction 7%, hospitality 6% and other activities 8%. By intended investment use, the audit listed 46% for buildings, 39% for equipment, 11% for renewable energy and 4% for transport assets.

The next test is performance: the government and Development Bank would need to publish repayments, defaults, project delivery and employment outcomes by company size and sector to show whether this distribution produced the intended public benefits. The audit's published summary does not establish those longer-term results.

The underlying record is the State Audit Office's Macedonian-language compliance audit press summary dated 29 October 2026, covering the investment credit line. This report separates loan approvals from actual drawdowns and does not allege criminal misconduct or irregular awards.