Macedonia, an ancient gem of the Balkans, boasts sweeping emerald mountains and fresco-furnished monasteries. Home to an eclectic population with Eastern and Western roots, the country is also a breeding ground for ethnic and political turmoil, which slowly gave way to widespread poverty.

The country’s unemployment rate, though declining, is still above 20 percent; the poverty rate in households with children exceeded 60 percent in 2007. Fortunately, a number of international organizations are investing in the Macedonian youth to help the country recover from a prolonged period of stagnant economic growth and political turmoil.

Opportunity International is a nonprofit that lends financial support to entrepreneurs in Macedonia and 21 other developing countries. Providing access to loans, savings, insurance and business training, the organization enables and encourages Macedonian youth to work their way out of poverty, educate their children and create jobs for their neighbors.

Aside from monetary assistance, the organization has also invested $20 million in the past decade on electronic technologies. This helps lower transaction costs and expand banking services to marginalized households. ATMs, point-of-sale devices and satellite branches are becoming more prevalent in community-gathering centers and many of Opportunity’s 9.6 million clients now use mobile phones to verify identification, repay loans and make purchases remotely.

Founded by expatriates in 2007, Macedonia2025 is a “think-and-do” tank that focuses both on instilling education programs to mold future leaders and connecting the Macedonian diaspora to their roots. The Summer Diaspora Business Trip brings young Macedonians from across the globe to Skopje, the capital of their homeland, to visit historic sites, interns at local or foreign firms and network with influential entrepreneurs and CEOs.

On the domestic front, Macedonia2025 launched the Small Enterprise Assistance Funds (SEAF) to support smaller businesses. Just three years after its inception, the private equity fund has already amassed more than €3 million. With Homestrings and USAID slated to join the partnership, the future total investment is projected to be €15 million.

– Claire Wang

Photo: Flickr