Kire Naumov and Faruk Ismaili re-elected to the Managing Board of Development Bank of North Macedonia AD Skopje


As of 19.11.2021, the current members of the Managing Board of the Development Bank of North Macedonia AD Skopje have been reappointed for the same positions with a term of 6 (six) years.
The National Bank of the Republic of North Macedonia issued a decision with preliminary consent for the reappointment of Kire Naumov as Chief Executive Officer and Faruk Ismaili as Chief Operating Officer of the Development Bank of North Macedonia. The members of the Managing Board had already received the confidence for a mandate from the members of the Supervisory Board of the bank, in accordance with the Law on Banks.
The members of the Managing Board of the Development Bank began their mandates in November and December 2019 and managed the state-owned bank for the past two years. The Development Bank actively participated in the implementation of economic sets of measures adopted by the Government to deal with the negative effects caused by the COVID-19 pandemic.
In 2020 and 2021, the Development Bank extended loans to the private sector in the total amount of EUR 132 million, of which EUR 45 million in the form of interest-free loans. During this period of two years, the Development Bank signed the sixth financial agreement with the EIB for 2021/2022 in the total amount of EUR 100 million. By improving the terms and conditions in credit insurance and factoring, the volume of insured and purchased receivables in factoring increased significantly. As of September 2021, the volume increased by 73% and 20% respectively, compared to 2019.
The further capitalization of the bank made in 2020, was of particular importance. It enabled a direct expansion of the bank's product portfolio so that now the Development Bank can offer a customs guarantee to export companies. Recently, through a change of the Law on Development Bank of North Macedonia, a Guarantee Fund was organized within the bank, which established the state credit-guarantee scheme that benefits micro, small, medium companies, as well as large export companies.
The goal of the Managing Board is to continue to develop the state-owned bank as a dynamic, financially strong institution specialized in financial support to small and medium enterprises and wider export support.