finance, rural sector finance is even wider. thousands of micro and small enterprises, thousands of families have no access to financial services and products whatsoever, and most of those who do, cannot borrow under the existing borrowing costs and required collaterals. some has already noticed : " one micro - financing loan could change the future of a family, few could change the future of a local community and thousands of such credits could make an enormous contribution to the development of the overall economy ". this fund will make its contribution to this purpose, since it offers long - term source of financing and because it is aimed at target groups the access of which to the financial injection is most difficult. let us encourage them by noticing that they have wide opportunities to help them accomplish their mission. and, profit and development for the region.

bank ad skopje. dear guests, the fact that the leaders of this fund offered to present their financial services in the republic of macedonia, the central bank certainly encouraged and supported this initiative, shows that these important partners consider the republic of macedonia a friendly environment for launching various mutually beneficial business initiatives and projects. yet, we do not forget though, that some of these institutions had no doubts whatsoever about the republic of macedonia even in the most difficult periods for us after gaining the independence, since when nobody else was coming, they were here. we certainly appreciate that. regardless of all above, we still have many reasons that urge us to notice and convince others why is it good to invest in the republic of macedonia and to develop partnership with our economic agents and, of course, to inform on the activities that all of us in our country perform, directed towards increasing the attractiveness of the republic of macedonia as investment destination. hence, we definitely need such financial offers. the economic growth could be accelerated by more investments, competitive offer of financial instruments and products, which are likely to eventually bring about lower costs for borrowing capital. the potential investors should be aware that the macedonian financial sector is booming, but that the room for investments is yet to be opened. the gross national savings is low, not more than 12 - 17 % of gdp, over the recent several years. the gross domestic savings have been even lower over the last five years, swinging around 2. 5 % of gdp, on average. since 1995, the gross investments have virtually never exceeded 20 % of gdp. the foreign investments, except in the years of large privatizations by foreign companies, are also low, barely 2 % of gdp, on average, in the last 4 years. the total bank assets, even though registering a fast growth over the last years, making up roughly 50 % of gdp, still shows low level of financial intermediation in the country. the above figures were target of a deep impact of the external shocks the country suffered, besides, of course, the inexcusable delay of many essential reforms of the vital sectors of the country. but, eventually, the potential investors and creditors have to believe that : - the political and security shocks in the region and inside the country are behind us, - the economy accelerates its growth, which over the recent years is not below 4 % real gdp growth, - we preserve high macro - economic stability that implies exceptionally disciplined monetary and fiscal policies, which in turn result in low