At the proposal of the Ministry of Economy, the Government at its session on Monday adopted the amendments to the Law on Financial Support of Investments, Economy Minister Kreshnik Bekteshi posted on Facebook.

According to the Ministry of Economy, the amendments facilitate criteria for application and payment of financial support for manufacturing companies.

“The amendments to this Law will facilitate conditions for 245 companies that have active contracts, and particularly for potential new companies that have made investments in 2020 or will make investments in 2021,” reads the press release.

In line with the amendments, the press release adds, conditions are facilitated for granting financial support to companies that have made investments during the COVID-19 crisis, the scope of companies that can apply for financial support is increased, conditions are improved for investments from the diaspora, and there is additional financial support for companies from less developed regions in the country.

The purpose of the amendments to this law is to accelerate stimulation of economic growth and development in North Macedonia through support of investments to increase the competitiveness of North Macedonia’s economy, as well as employment.

The Law on Financial Support of Investments entered into force in 2018 as part of the Government’s Economic Growth Plan.