Development Bank of North Macedonia

What Development Bank of North Macedonia does

Development Bank of North Macedonia AD Skopje (DBNM) is a state-owned development finance institution, 100% owned by the Republic of North Macedonia, established in 1998 and headquartered in Skopje. Operating under the Law on Development Bank of North Macedonia (most recently amended in 2025), DBNM's mandate is to support domestic micro, small, medium and export-oriented enterprises and to strengthen the competitiveness of the Macedonian economy through subsidized credit, credit insurance, factoring, and guarantees.

DBNM's product set comprises four pillars: (1) Lending — both intermediated through a network of 12 commercial banks and 1 savings house (ALTA BANKA, Stopanska Banka, NLB, Halkbank, Sparkasse, ProCredit, etc.) and direct to agricultural borrowers, with rates ranging from 1% (agricultural CF loans) to 1.95% (investment loans), up to 3.5% (AFD line), and 6.5% (own-fund SME line); (2) Credit insurance for export and domestic receivables up to 360 days, priced at 0.24%-1.32% premiums with EUR 55 processing fees; (3) Factoring — 80% advance on invoices at 3.2% p.a. plus 0.25% service charge; and (4) Guarantees — portfolio guarantees up to 80% for working capital and 50% for fixed assets, individual guarantees for large exporters, and customs guarantees for inward processing. The bank manages a portfolio of multilateral credit lines (EIB phases 1-7 since 2009, AFD from 2023, CEB from 2024) and a EUR 15 million state-funded Guarantee Fund.

Commercially, DBNM operates a hybrid GTM: wholesale distribution through partner banks for intermediated SME lending and portfolio guarantees, direct origination for agricultural loans (with approval ≤1 month), and a newly launched E-Insurance web platform (portal.mbdp.com.mk, May 2026) enabling online self-serve credit insurance applications. Revenue is generated primarily through net interest margin on the on-lent portfolio, plus transaction-based fees from insurance premiums, factoring spreads, and guarantee charges. The bank is a member of the Berne Union/Prague Club since 2001, the European Association of Public Banks, and the China-CEEC Inter-Bank Association, and maintains supervisory oversight from the Ministry of Finance.

Name

Development Bank of North Macedonia

Legal name

Development Bank of North Macedonia AD Skopje

Website

https://mbdp.com.mk

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Development Bank of North Macedonia is a state-owned development finance institution (100% owned by the Republic of North Macedonia) that provides subsidized lending, credit insurance, factoring, and guarantees to Macedonian SMEs, agricultural producers, and exporters via 12 partner banks and direct channels.

Ownership category

akta.pro rank

Product category

Development Banking

NAICS

Commercial Banking (522110), Sales Financing (52222)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), State Commercial Banks (6022)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Policy Banks (Government-Directed Lending Banks) (FSABAKAM), Infrastructure & Project Finance Facilities (BPADACAG), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Development banking
• SME lending
• Credit insurance
• Export factoring
• Guarantee facilities

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: DBNM generates revenue primarily through interest income on loans extended to businesses. Interest rates vary by product: 1% fixed annual rate for agricultural loans, 1.95% for investment and development loans, up to 3.5% for AFD credit line, and 6.5% fixed for SME lending through commercial banks.
2. Credit Insurance Premiums: Revenue from credit insurance services including export and domestic receivables insurance. Premium rates range from 0.24% to 1.32% depending on buyer country risk, number of buyers, and payment terms. Processing fees of EUR 55 per credit limit application for export and MKD 1,800 for domestic buyers.
3. Guarantee Fund Fees: Portfolio and individual guarantees provided through the Guarantee Fund (EUR 15 million from Republic of North Macedonia Budget). Customs guarantees with quarterly fees; guarantee percentages up to 80% for working capital loans and 50% for fixed assets.
4. Factoring Services: Export and domestic factoring services where DBNM purchases invoices and advances 80% of invoice value. Revenue from 3.2% per annum interest on advance payment and 0.25% service charge on paid invoice amounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Development Bank of North Macedonia is a state-owned development bank that provides subsidized financing to micro, small, medium, and large enterprises registered in the Republic of North Macedonia via intermediated lending through commercial banks and direct lending, primarily for the agricultural sector. Its product set spans credit insurance (export and domestic receivables), factoring (export and domestic), guarantee instruments (portfolio, individual, and customs), and multiple credit lines sourced from EIB, AFD, CEB, and its own funds, with digital onboarding available through an E-Insurance web platform.

Product overview

Development Bank of North Macedonia operates as a development bank offering a comprehensive portfolio of financial products and services. The core offerings include: (1) Credit Insurance for short-term receivables against commercial and political risks; (2) Lending through both intermediated channels (commercial banks) and direct lending for SMEs, agricultural enterprises, and large companies; (3) Factoring services for export and domestic receivables with 80% advance payment; (4) Guarantee products including portfolio guarantees, individual guarantees for exporters, and customs guarantees; and (5) Digital platforms including an E-Insurance web portal and loan/factoring calculators. The bank manages various credit lines from international partners including EIB, CEB, AFD, and its own funds, targeting SMEs, agricultural producers, green investments, digitization, and female entrepreneurship.

Differentiator

Problem solved

Functional benefit

Brands

• E-Insurance Platform: Web platform for credit insurance providing Macedonian companies easy and fast access to credit insurance services.

Products and services

• Credit Insurance Short-term receivables insurance (up to 360 days) covering companies selling on open accounts domestically and internationally against commercial and political risks.
• Insurance of Export Receivables Pre-shipment and post-shipment insurance of export receivables against commercial risks (bankruptcy, protracted default) and political risks (war, license revocation, breach of contract) for Macedonian exporters.
• Insurance of Domestic Receivables Pre-shipment and post-shipment insurance of domestic receivables against commercial risks for companies selling in the Republic of North Macedonia market.
• Intermediated Lending Loans extended through a network of participating commercial banks to micro, small, medium, and large enterprises registered in the Republic of North Macedonia, covering investment in fixed assets, working capital, agricultural production/processing, export, green, and digitalization financing.
• Direct Lending (Agricultural Credit Lines) Direct loans from DBNM to domestic companies, used primarily for agricultural sector credit lines (CF and ACDF), with approval procedures typically completed within one month.
• Agricultural Loans - CF Direct loans for micro, small, and medium enterprises engaged in agricultural production, processing, and export, with 1% fixed annual interest rate, up to MKD 30,750,000 maximum, and repayment terms of up to 120 months.
• Agricultural Loans - ACDF Loans for primary production, processing, and export of agricultural products with annual interest rates ranging from 4% to 6.5%.
• Loans for Investments and Development Loans for financing investments in fixed assets by private companies through participating banks, with 1.95% fixed annual interest rate and repayment up to 15 years with up to 3-year grace period.
• CEB Credit Line EUR 50 million credit line from the Council of Europe Development Bank for investment projects and working capital, promoting job creation in micro, small, and medium enterprises via participating banks.
• AFD Credit Line EUR 50 million credit line from the French Development Agency (AFD) supporting green investments, digitization, and female entrepreneurship at a fixed annual interest rate up to 3.5%.
• EIB Credit Lines (EIB 5, 6, 7) European Investment Bank credit lines (EIB 5, 6, and 7) supporting SMEs, mid-cap companies, and green transition projects, channeled through participating banks.
• DBNM Credit Line (Own Funds) Loans for permanent working capital and investments for SMEs with over 51% private ownership at a fixed annual interest rate of 6.5% (6% for export-oriented borrowers).
• Loans for Digitalization and Digital Transformation Loans for SME digitalization and digital transformation at an interest rate of up to 2.9% per annum.
• Factoring Purchase of receivables/invoices with 80% advance payment, enabling companies registered in North Macedonia to sell goods and services domestically or internationally on deferred payment terms up to 180 days.
• Export Recourse Factoring Purchase of receivables from foreign buyers with 80% advance payment, charging 3.2% p.a. interest plus a 0.25% service charge.
• Domestic Factoring Purchase of receivables from domestic buyers with 80% advance payment, charging 3.2% p.a. interest plus a 0.25% service charge.
• Guarantees (overall offering) Guarantee instruments including portfolio guarantees, individual guarantees, and customs guarantees to secure loans and customs debt for companies in North Macedonia.
• Portfolio Guarantees Up to 80% guarantee for working capital loans and up to 50% for fixed asset loans for micro, small, and medium trading enterprises, channeled through commercial banks and distributed under the EUR 15 million Guarantee Fund.
• Individual Guarantees Up to 50% guarantee for large exporting companies with at least 30% export earnings, under the EUR 15 million Guarantee Fund; no fee for companies until 31.12.2025.
• Customs Guarantees Guarantees for securing customs debt in inward processing operations, up to MKD 15,375,000 for SMEs and MKD 24,000,000 for the processing industry, with a 0.2% quarterly commission.
• E-Insurance Digital Platform Web-based platform for credit insurance providing Macedonian companies simplified and fast online access to credit insurance services for both export and domestic receivables.

Quantifiable outcome

• EUR 100 million EIB 7 credit line for SMEs and green transition
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Berne Union (Prague Club)coreStrategic or Co-development PartnerDBNM has been member of Prague Club (part of Berne Union) since 2001. Berne Union facilitates cross-border trade and investment. Members support 10% of total world trade exchange. Regular annual meetings for experience exchange.
• European Association of Public Banks (EAPB)minorStrategic or Co-development PartnerEAPB has been active since 2000 and represents interests of public-owned financial institutions in relation to EU legislative bodies.
• IME Programme (Increasing Market Employability)minorStrategic or Co-development PartnerIME programme financed by Swiss Agency for Development and Cooperation, implemented by Palladium. Aims to strengthen business sector in sustainable agro-business, active tourism, and ICT. Responsible for creating 2,706 new jobs.
• Commercial Banks and Savings Houses (Intermediary Network)coreChannel Partner/ Reseller/ DistributorNetwork of 12 commercial banks (ALTA BANKA, Stopanska Banka, UNI Bank, Central Cooperative Bank, Halkbank, Capital Bank, Komercijalna Banka, ProCredit Bank, NLB Banka, Silk Road Bank, Sparkasse Bank) and 1 savings house (Mozhnosti) distribute SME loans, credit lines, and portfolio guarantees.
• Other Credit Agencies and Development BanksminorStrategic or Co-development PartnerDBNM cooperates with: AOFI (Serbia), BAEZ (Bulgaria), HBOR (Croatia), SID-PKZ (Slovenia), IGA (Bosnia and Herzegovina), MEHIB (Hungary), KUKE (Poland), EGFI (Iran), EXIMGARANT (Belarus), SEP (Saudi Arabia), TURK EXIMBANK (Turkey), Bulgarian Development Bank, KfW (Germany), OECD, World Bank, MIGA, IBRD, EBRD.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• European Bank for Reconstruction and Development (EBRD): Multilateral development bank active in North Macedonia with direct SME, agribusiness, and green financing programs. Competes for the same SME and green-project pipeline that DBNM serves through EIB/AFD/CEB lines.
• European Investment Bank (EIB): EU multilateral bank and DBNM's largest single creditor (seven credit lines totaling hundreds of millions of euros). Functions simultaneously as a funder and as an indirect peer via EIB's own direct SME lending in the Western Balkans.
• Polish Development Bank (BGK): Large Polish state-owned development bank executing government financial programs including SME lending and guarantees. Useful as a scaled-up reference for what a mature Central European DFI can become.
• Hungarian Development Bank (MFB): Larger Hungarian state-owned development bank offering concessional lending, guarantees, and export financing. Comparable mandate at greater scale, providing a benchmark for DBNM's growth trajectory.

Direct peers

• SID Banka (Slovenia): Slovenian state development and export bank combining development lending, insurance, and guarantees. The most institutionally similar peer to DBNM in terms of product breadth (lending + insurance + factoring-style products) and DFI mandate.
• Bulgarian Development Bank (BDB): State-owned Bulgarian development bank providing SME lending, guarantees, and export credit insurance. Functions as a near-mirror of DBNM within the same Western Balkan regional context, including shared EIB credit-line relationships.
• Igman Guarantee Agency (IGA) — Bosnia and Herzegovina: Bosnian state guarantee agency providing portfolio and individual credit guarantees to SMEs. Directly comparable to DBNM's Guarantee Fund line of business and explicitly named in DBNM's peer network.
• Slovak Guarantee and Development Bank (SZRB): Slovak state development bank providing SME guarantees, lending, and export support. Highly comparable in product mix (guarantees + lending) and EU-accession-driven mandate structure.
• Development Fund of the Republic of Serbia (AOFI/RFZ): Serbian state-owned development fund supporting SMEs, exporters, and infrastructure. Peer explicitly listed in DBNM's bilateral cooperation agreements and serves the same regional SME-export mandate.
• Croatian Development Bank (HBOR): State-owned Croatian development and export bank offering concessional lending, credit insurance, and guarantees to SMEs. Directly comparable to DBNM as a national DFI in a neighboring Western Balkan/EU accession economy with a similar multi-product mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Razvojnabanka
• LinkedInlinkedin.com/company/development-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Development Bank of North Macedonia