Investment: IK Banka
Export and Credit Bank (IK Banka)
Formerly the Macedonian branch of Yugoslavia’s foreign trade bank, IK (Export and Credit) Bank is one of the largest commercial banks in Macedonia, with branches throughout two-thirds of the country. In 1999, SEDF helped IK Banka design and implement a lending program for independent farmers and small and medium agricultural enterprises (SMEs). It is the first commercial bank in Macedonia to establish such a program.
Why we invested
IK Banka has a solid management team and is active in lending to the agricultural sector, especially to small independent farmers. Agriculture accounts for 25% of total employment in Macedonia, nearly half of which is comprised of small-scale farmers.
Key Facts
Region: Central/Eastern Europe
Investment type: Deposits
Investment amount: $500,000
Size: 18 branches, 33 employees
Website: http://www.ikbanka.com.mk
Featured Story
Stojan Ivandzikov
Stojan Ivandzikov began his work in the agricultural industry in 1960. In addition to growing and producing crops, he began raising dairy cows in 2001, but at the time, he had merely one cow, which could produce only 24 liters per day for a maximum daily income of 384 MKD (little over 6 EUR). Once he discovered the availability of IK Banka’s loans for private rural farmers, he decided to apply for a 5000 EUR loan..
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