Growth Acceleration Plan 2022-2026

GROWTH ACCELERATION PLAN 
2022-2026
 
TABLE OF CONTENTS
  TOC \h \u \z    HYPERLINK \l "_Toc87940960"  Executive Summary	  PAGEREF _Toc87940960 \h  2  
  HYPERLINK \l "_Toc87940961"  Introduction	  PAGEREF _Toc87940961 \h  4  
  HYPERLINK \l "_Toc87940962"  1.	Economic Overview	  PAGEREF _Toc87940962 \h  5  
  HYPERLINK \l "_Toc87940963"  2.	Financing Transmission Mechanism	  PAGEREF _Toc87940963 \h  10  
  HYPERLINK \l "_Toc87940964"  3.	Governance Structure and Project Management	  PAGEREF _Toc87940964 \h  11  
  HYPERLINK \l "_Toc87940965"  4.	Institutional and Regulatory Framework	  PAGEREF _Toc87940965 \h  14  
  HYPERLINK \l "_Toc87940966"  5.	Expected Outcomes	  PAGEREF _Toc87940966 \h  20  
  HYPERLINK \l "_Toc87940967"  6.	Implementation Roadmap	  PAGEREF _Toc87940967 \h  26  
  HYPERLINK \l "_Toc87940968"  References	  PAGEREF _Toc87940968 \h  29  
  HYPERLINK \l "_Toc87940969"  Appendix 1. Business Environment	  PAGEREF _Toc87940969 \h  30  
  HYPERLINK \l "_Toc87940970"  Appendix 2. NIC Project List	  PAGEREF _Toc87940970 \h  36  
  HYPERLINK \l "_Toc87940971"  Appendix 3. Fund for Innovations and Technology Development (FITD)	  PAGEREF _Toc87940971 \h  37  
  HYPERLINK \l "_Toc87940972"  Appendix 4 “Greening Business” Facility (North Macedonia FZA)	  PAGEREF _Toc87940972 \h  43  
  HYPERLINK \l "_Toc87940973"  North Macedonia Free Zones Authority	  PAGEREF _Toc87940973 \h  45  
  HYPERLINK \l "_Toc87940974"  Appendix 5. Development Bank of North Macedonia	  PAGEREF _Toc87940974 \h  47  
  HYPERLINK \l "_Toc87940975"  Appendix 6 Invest North Macedonia	  PAGEREF _Toc87940975 \h  51  
 

Executive Summary 
Aim of the document	The plan aims to finance the recovery of the economy affected by COVID-19 and to support accelerated and sustainable growth while maintaining fiscal stability by mobilizing capital from the private sector in addition to the funds allocated from the budget and borrowings.
Expected outcomes
	Accelerated growth - to accelerate the medium-term economic growth rates from 2.5% to 5% average growth;
Fiscal consolidation - to maintain the fiscal consolidation of the public debt and the budget deficit in the medium term within the fiscal rule of the general government debt up to 60% and the deficit up to 3% of the country's GDP;
Increased investments in the public and private sector;
Increased jobs and reduced unemployment; and
Efficient and effective institutional framework for investment project’s implementation.
Subject to support	Investments in public projects; 
Investments in the private sector; and
Policy and institutional reforms.
Areas for support
	Green economy;
Digitalisation;
Innovations and technology development
Human capital;
Physical infrastructure; and
Social cohesion.
Sources for financing
	Budget (revenues and borrowing);
International and bilateral financial institutions;
Private institutional investors and banks; and
Development partners (grants).
Implementing agencies 
	Government Ministries;
Development Bank of North Macedonia;
Fund for Innovations and Technology Development;
North Macedonia Free Zones Authority;