The Ministry of Finance is working on a plan for funding rapid growth, which entails, aside from public investments made with budget funds and loans, opportunities for mobilizing private capital and new instruments for securing funds from private capital or private investment funds and having greater impact on the economy, Finance Minister Fatmir Besimi told TV 24 on Tuesday evening.
Realization of capital expenditures in North Macedonia at the end of the crisis year stood at 81%, a significant improvement compared to previous years.
“We’ll try to improve realization by implementing a new mechanism, new units for monitoring capital investments, improving planning at long and short term level, as well as establishing a unit within the government set to monitor and facilitate realization of strategic capital projects and investments,” Besimi said.
The plan for funding recovery and rapid economic growth entails new ways to access capital for public and private sector projects.
Moreover, it aims to use new mechanisms, instruments, funds and sources to create a multiplier effect, that is. mobilize funds and investments from the private sector, aside from projected public investments standing at some EUR 4 billion for the period 2021-2025 secured from the budget, IPA funds and international financial institutions.
The plan also entails establishment of development funds, funds for support of innovation, guarantee funds, equity funds, venture capital funds and similar instruments for support of export companies, small, medium and social enterprises, as well as instruments for funding capital projects both in the public and private sector, such as public-private partnerships, concessions, etc.
