AGP Executive Report

Aviation & Tourism: Eurocontrol says Europe hit record summer air traffic in July–August, with 35,959 flights a day on average (+2.4% vs 2025) and a record 37,640 on July 10; despite Middle East war disruptions, Europeans shifted toward “safer” intra-Europe travel, boosting traffic to North Macedonia and several nearby markets. Energy Investment: Alcazar Energy Partners reached financial close on the 131.25MW Štip wind farm in North Macedonia, a €180m project backed by over €115m in senior debt from EBRD/IFC/Erste plus a local VAT facility; construction and operations are set to support 300+ jobs and the farm is targeted for full operation by 2028. Power Storage Buildout: North Macedonia has started constructing battery energy storage systems (BESS) in 2026, including standalone units and batteries integrated into solar plants, aiming to improve project economics via energy arbitrage. Hospitality Expansion: TGI Fridays signed a development deal with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, with 10 restaurants planned across the three markets. Independence Day Costs: North Macedonia’s Independence Day celebrations (35th anniversary) cost €5.5m total, with nearly €4.9m funded by the state-owned State Lottery and about €650k from “socially responsible” companies. EU Accession & Reform: North Macedonia’s foreign minister says Skopje is ready to share its EU accession experience with Ukraine and rejects “intimidation” or unilateral concessions during the process. Regional Trade/Transport Pressure: Bosnia’s transport minister warns coordinated Western Balkan carrier protests over Schengen 90/180 rules are a broader economic issue, pushing for solutions at EU level.

Energy Investment: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm in North Macedonia, securing over €115m in senior debt from the EBRD, IFC and Erste Group, plus a local VAT facility from Sparkasse Bank Skopje; the project (21 turbines) has an investment-grade offtake deal and is set to be fully operational by 2028. Power & Markets: North Macedonia’s battery energy storage systems (BESS) are starting to take shape, with Solar Macedonia saying 2026 plans include both standalone storage and batteries integrated into existing PV plants to support energy arbitrage and improve project economics. EU Integration & Trade: North Macedonia’s foreign minister says the country is ready to share its EU accession experience with Ukraine, while warning against “intimidation” and unilateral concessions during the process. Business Expansion: TGI Fridays signed a development agreement with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, with 10 planned restaurants across the three markets. Regional Logistics: Transporters from Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia plan coordinated border protests from 14 September over the Schengen 90/180 driver stay limit, arguing it disrupts supply chains. Independence Spending: North Macedonia’s Independence Day celebrations cost €5.5m total, with nearly €4.9m funded by the State Lottery and the rest by “socially responsible” companies.

Renewed EU pressure on the Western Balkans transport sector: Bosnia and Herzegovina’s transport minister says coordinated border protests from carriers in BiH, Montenegro, North Macedonia and Serbia over the Schengen 90/180 driver stay limit must be solved at EU level, with actions planned from 14 September. Energy investment in North Macedonia: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm (about €180m total), securing over €115m in senior debt and a local VAT facility, with operations targeted for 2028. Power storage build-out: North Macedonia is starting battery energy storage systems (BESS) alongside solar, with the energy ministry’s 2026 plan approving dozens of PV and storage projects. Hospitality expansion: TGI Fridays signs a development deal with Devolli Group for 10 restaurants across Kosovo, Albania and North Macedonia, pushing franchise growth in Southeast Europe. Independence Day spending transparency: North Macedonia’s 35th anniversary celebrations cost €5.5m, with nearly €4.9m from the State Lottery and the rest from “socially responsible” companies. EU accession diplomacy: Skopje says it’s ready to share its EU reform experience with Ukraine and rejects accession “intimidation” and unilateral concessions. Regional business context: Bulgaria reports weaker 2025 exports and a negative trade balance, while third-country trade in early 2026 shows exports up but imports rising faster.

Digital Finance & Inclusion: Albania’s Jet Bank is scaling a branchless, fully digital model, framed as a “leapfrogging” chance to bring the unbanked into the formal economy as the EU rewrites digital payments rules. Independence Day Spending: North Macedonia’s 35th Independence Day celebrations cost €5.5m total, with about €4.9m from the State Lottery and €650k from “socially responsible” companies, after questions over who effectively funded the events. Renewables Investment: Alcazar Energy Partners reached financial close on the €180m, 131.25MW Štip wind farm, securing over €115m in senior debt and aiming for full operations by 2028—an important private-offtake milestone for the country’s wind pipeline. Energy Storage Buildout: North Macedonia has started constructing battery energy storage systems (BESS), including standalone units and batteries paired with solar plants, to improve market arbitrage and investment returns. Hospitality & Retail Expansion: TGI Fridays signed a development deal with Devolli Group for 10 restaurants across Kosovo, Albania and North Macedonia, signaling continued foreign brand push into the Balkans. Labour Cooperation: Qatar and North Macedonia signed an MoU to share labour-market expertise, improve working conditions, and strengthen labour inspection and occupational safety. EU Accession Politics: North Macedonia says it’s ready to share its EU reform experience with Ukraine and warns against intimidation or unilateral concessions during accession. Transport Pressure: Regional hauliers plan EU border protests from 14 September over the Schengen stay-limit for Western Balkan drivers, citing detentions and supply-chain disruption. Regional Trade/Infrastructure Context: The Western Balkans’ “Vertical Corridor” and cross-border gas flows are highlighted as energy diversification accelerates, with North Macedonia tied into the broader network.

Energy Finance: Alcazar Energy Partners sealed financial close on the 131.25MW Štip wind farm in North Macedonia, securing over €115m in senior debt from EBRD/IFC and Erste, plus a local VAT facility, with construction expected to start on later phases and full operation targeted for 2028. Power Markets: North Macedonia has begun building battery energy storage systems (BESS), including standalone units and batteries integrated into solar plants, aimed at energy arbitrage and improving project economics. EU & Trade Policy: Skopje says it’s ready to share its EU accession experience with Ukraine, while warning against intimidation and unilateral concessions during talks. Regional Energy Integration: North Macedonia and Serbia joined Greece-led Vertical Corridor gas initiative via a Thessaloniki MoU, adding NOMAGAS and Transportgas Serbia to strengthen cross-border supply and diversification. Labour Cooperation: Qatar and North Macedonia signed an MoU to boost labour-market cooperation, including expertise exchange, labour inspection, occupational safety and health, and productivity support for the private sector. Transport & Border Risk: Regional hauliers plan EU border blockades from 14 September over the Schengen stay-limit enforcement for Western Balkan professional drivers. Business Expansion: TGI Fridays signed a development agreement with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, with 10 planned restaurants across the three markets. Sports & Media (local relevance): The CEV Men’s EuroVolley 2026 pools include North Macedonia in Sofia’s Pool B, while Adriatic Film and TV Awards nominees feature North Macedonian talent.

Renewables Finance: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm, a €180m project backed by €115m+ senior debt from EBRD, IFC and Erste, plus a local VAT facility from Sparkasse Bank AD Skopje; construction is set to start on later phases and the wind farm is targeted for full operation by 2028. Power Storage Build-out: North Macedonia’s battery energy storage systems (BESS) are moving from plans to construction, with Solar Macedonia citing both standalone batteries and BESS added to existing PV plants to enable energy arbitrage and improve project economics. Energy Corridor: North Macedonia has joined the Vertical Corridor gas initiative, signing an MoU in Thessaloniki that brings NOMAGAS into a wider network aimed at boosting cross-border gas flows and supply security. Labour Cooperation: Qatar and North Macedonia signed an MoU to strengthen labour-market cooperation, including labour inspection, occupational safety and health, and exchanges on labour legislation. Retail & Hospitality Expansion: TGI Fridays is set to enter North Macedonia (alongside Kosovo and Albania) via Devolli Group, with plans for 10 restaurants and exclusive sub-franchise rights across the territory. EU Accession Context: North Macedonia’s foreign minister says Skopje is ready to share EU accession experience with Ukraine and rejects accession “intimidation” and unilateral concessions. Regional Trade Pressure: Hauliers from the region plan EU border blockades from 14 September over the Schengen stay-limit rules for professional drivers.

Renewables & Investment: Alcazar Energy Partners reached financial close on the 131.25MW Štip Wind Farm in North Macedonia, securing over €115m in senior debt from EBRD, IFC and Erste Group Bank, with Sparkasse Bank AD Skopje providing a local VAT facility; construction is set to create 300+ jobs and the project targets full operation by 2028. Energy Storage Build-out: North Macedonia has started constructing battery energy storage systems (BESS), with Solar Macedonia citing both standalone batteries and storage added to existing PV plants to enable energy arbitrage and improve project economics; the 2026 plan also approved 96 storage facilities totaling 2.2GW/4.9GWh. EU Integration & Reform Sharing: Foreign Minister Timcho Mucunski says Skopje is ready to share its EU accession reform experience with Ukraine, while rejecting “intimidation” and unilateral concessions during the process. Hospitality Expansion: TGI Fridays signed a development agreement with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, with Devolli to develop 10 restaurants and hold exclusive sub-franchise rights across the territory. Labour Cooperation: Qatar and North Macedonia signed an MoU to strengthen labour-market cooperation, including expertise exchange on labour legislation, inspection, occupational safety and health, and productivity in the private sector. Regional Energy Connectivity: North Macedonia and Serbia joined Greece-led Vertical Corridor gas initiative via a Thessaloniki MoU, adding NOMAGAS and Transportgas Serbia to the network. Productivity Snapshot: An ILO comparison puts North Macedonia’s labour productivity at 34 international dollars per hour worked (2025), above Albania and Bosnia, but below Montenegro.

BA Glass Sales: Portugal’s BA Glass Bulgaria (BA Glass Group) reported 2025 net sales down 1.7% to €1.3bn as demand for bottles and jars in Europe stayed weak, though 2026 looks “somewhat more optimistic”; the firm also cut costs and reduced staff to an average 669. Hospitality Expansion: TGI Fridays signed a development deal with Devolli Group to open 10 restaurants across Kosovo, Albania and North Macedonia, with exclusive sub-franchise rights for long-term Balkan rollout. Energy Storage Build-out: North Macedonia has started constructing battery energy storage systems (BESS), including standalone units and batteries integrated into solar plants, aiming to improve revenues via energy arbitrage and shorten payback. Power Market Development: Solar Macedonia says the country’s BESS market is beginning to develop as more utility-scale PV and storage projects move through approvals. Gas Connectivity: North Macedonia’s NOMAGAS and Serbia’s Transportgas joined the Vertical Corridor gas initiative via an MoU in Thessaloniki, expanding cross-border, bidirectional capacity and diversification from Greece onward. Labour Cooperation: Qatar and North Macedonia signed an MoU to share labour-market expertise, improve working environments, and strengthen labour legislation and inspection, supported by a joint committee. EU Accession Positioning: FM Timcho Mucunski said Skopje is ready to share EU accession experience with Ukraine but rejects “intimidation” and unilateral concessions during the process. Regional Transport Pressure: Hauliers plan EU border blockades from 14 September over the 90/180-day Schengen stay limit for Western Balkan professional drivers. Child Safety Online: UNICEF research cited in regional coverage highlights that 1 in 5 children across 21 countries face tech-facilitated sexual abuse, including in North Macedonia.

TGI Fridays Expansion: Devolli Group has signed a landmark deal to bring TGI Fridays to Kosovo, Albania and North Macedonia, with plans for 10 restaurants and exclusive sub-franchise rights across the territory, as the brand pushes its franchise-first growth target of 1,000+ outlets by 2030. Energy Storage Build-Out: North Macedonia has started constructing battery energy storage systems (BESS), including standalone units and batteries integrated into solar plants, aimed at shifting power from low-price to high-price periods to improve project economics. Gas Corridor Momentum: North Macedonia’s NOMAGAS and Serbia’s Transportgas Serbia have joined the Vertical Gas Corridor, extending cross-border gas connectivity from Greece deeper into the Western Balkans and supporting bidirectional flows and supply diversification. Labour Cooperation: Qatar and North Macedonia signed an MoU to strengthen labour-market cooperation, including exchange of expertise on labour legislation, labour inspection, and occupational safety, backed by a joint committee. Regional Trade Pressure: Hauliers from the region plan EU border blockades from 14 September over the 90/180-day Schengen stay limit for professional drivers, warning of detention and disruption to supply chains. Productivity Challenge: An ILO snapshot shows North Macedonia’s labour productivity at 34 international dollars per hour worked (mid-pack in the region), highlighting productivity as a key Western Balkan hurdle.

Energy Storage & Solar Pipeline: North Macedonia has started building battery energy storage systems (BESS), with projects ranging from standalone batteries to storage added to existing PV plants to enable energy arbitrage and improve project economics. Hospitality & Retail Expansion: TGI Fridays™ has signed a development deal with Devolli Group for its first Balkans expansion, including North Macedonia, signaling fresh consumer spending and franchising momentum. Cross-Border Transport Pressure: Regional hauliers plan EU border blockades from 14 September over the Schengen stay-limit for professional drivers, warning of disruption to supply chains. Labour Cooperation: Qatar and North Macedonia signed an MoU to boost labour-sector cooperation, including labour market expertise, labour inspection, occupational safety and health, and productivity in the private sector. Gas Infrastructure Push: North Macedonia and Serbia formally joined the Vertical Gas Corridor, extending regional gas transmission links from Greece and improving access to diversified supplies and LNG routes. Digital Payments & Local Tech: A profile highlights that software development for G+D Netcetera has long been carried out in North Macedonia, underscoring the country’s role in financial-industry tech. Child Safety Online: UNICEF reports about 20 million children across 21 countries face tech-facilitated sexual abuse, with North Macedonia included in the latest research round.

Labour Cooperation: Qatar and North Macedonia signed a memorandum of understanding to deepen labour-sector ties, including exchange of expertise, labour inspection know-how, occupational safety and health, and support for labour legislation and private-sector productivity. Productivity Watch: An ILO snapshot shows North Macedonia at 34 international dollars GDP per hour worked (mid-pack in the Western Balkans), with Albania lowest and Montenegro highest—highlighting productivity as a regional business constraint. Energy Connectivity: North Macedonia’s NOMAGAS joined the Vertical Gas Corridor alongside Serbia’s Transportgas Serbia, aiming to boost cross-border gas flows and security of supply via Greece and LNG access. Gas Market Setup: The government asked MEMO to prepare a plan to establish a natural gas market operator, covering organisational, technical, IT, legal and financial steps, to support upcoming interconnectors with Greece (mid-2027) and Serbia (end-2028). Digital Payments & Tech: A profile on G+D Netcetera says a large share of its software development has long been carried out in North Macedonia, underlining the country’s role in European financial-tech supply chains. Child Safety Online: UNICEF reports around 20 million children aged 12–17 across 21 countries face technology-facilitated sexual abuse, with North Macedonia included in the research scope. Media Freedom: SafeJournalists says Meta restrictions and account-access problems are affecting media and public-interest voices in Albania, with spillover relevance for regional business and civic communications.

Energy Infrastructure: North Macedonia’s NOMAGAS and Serbia’s Transportgas Serbia have formally joined the Vertical Gas Corridor, signing an MoU in Thessaloniki on Sept. 4 that extends the Greece-to-Western Balkans gas transmission network and boosts bidirectional capacity and cross-border access. Market & Regulation: The expansion is tied to North Macedonia’s push to integrate with regional gas infrastructure, including links to Greece’s system and LNG supply options, while the government also asked MEMO to prepare plans for a dedicated natural gas market operator. Telecom & Tech Investment: 4iG Group and SpaceX signed agreements for Starlink Mobile in Hungary and the Western Balkans, plus a sovereign satellite communications track, with North Macedonia’s software development footprint highlighted in the broader G+D Netcetera story. Finance & Payments: A report notes banks still have “homework” to do on payments, pointing to ongoing friction in payment systems. Social Risk: UNICEF estimates about 20 million children aged 12–17 across 21 countries face technology-facilitated sexual exploitation and abuse, with North Macedonia included in the newer research round. Cross-border Politics: A Bulgaria–Skopje dispute over a crash near Kočani adds pressure around justice and EU integration narratives.

Energy Infrastructure: North Macedonia’s NOMAGAS has joined the expanding Vertical Gas Corridor, alongside Serbia’s Transportgas Serbia, via a new MoU signed in Thessaloniki—aimed at boosting bidirectional flows, cross-border capacity and supply security, with the country also pushing its Greece interconnector to access LNG routes via Revithoussa and Alexandroupolis. Energy Market Reform: The government has asked MEMO to prepare a plan for creating a natural gas market operator, covering organisational, technical, IT, legal and financial setup, to support upcoming gas trade flows. Telecom & Space Business: 4iG Group and SpaceX signed agreements to roll out Starlink Mobile in Hungary and Albania and to develop “Sovereign Solutions” for secure national satellite communications—an expansion tied to 4iG’s telecom, data centre and defence portfolio. Banking/Finance Risk: Hungary has opened a criminal investigation into a €1bn loan linked to North Macedonia, with police seizing thousands of documents amid suspected abuse of office and mismanagement. Work & Migration: Denmark passed a new 2027 immigration pathway for foreign workers under a collective agreement-based scheme, listing North Macedonia among eligible countries. Child Safety & Digital Economy: UNICEF estimates 20 million children aged 12–17 across 21 countries faced technology-facilitated sexual abuse/exploitation, with North Macedonia included in the study.

Energy Infrastructure: North Macedonia’s NOMAGAS and Serbia’s Transportgas Serbia have joined the Vertical Gas Corridor, with a new memorandum signed in Thessaloniki to extend the Greece-to-Western Balkans gas route and boost bidirectional flows, cross-border capacity and supply diversification. Gas Market Reform: The government has asked electricity market operator MEMO to prepare a plan to set up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, aiming to build an integrated electricity-and-gas market structure. Regional Gas Expansion: Greece and Balkan partners also signed an MoU to extend the Vertical Gas Corridor toward North Macedonia and Serbia, positioning LNG access via Greek terminals as a key alternative supply path. Foreign Policy & Trade: North Macedonia’s FM Timco Mucunski told reporters in Kyiv that US and European leadership are both needed for a just, lasting peace, linking Ukraine’s security to Europe’s security. Digital Safety & Social Media: UNICEF says about 20 million children aged 12–17 across 21 countries faced technology-facilitated sexual exploitation and abuse in a year, with nearly 60% of cases on mainstream social media—highlighting underreporting and the need for stronger protections. Immigration for Employers: Denmark passed a law lowering the pay threshold for a new work-permit pathway from Jan 1, 2027, with North Macedonia included among eligible countries under a collective-agreement-based scheme. Corporate/Finance Risk: Hungary has opened a criminal investigation into a €1bn loan tied to North Macedonia, after police seized thousands of documents, raising questions about alleged mismanagement and public-funds risk.

Energy Infrastructure: North Macedonia and Serbia officially joined the Vertical Gas Corridor after a new MoU signing in Thessaloniki, with NOMAGAS and Transportgas Serbia added to the network of regional transmission system operators. The expansion aims to boost cross-border capacity and bidirectional gas flows, and for Skopje it’s tied to access to southern supply routes via Greece and LNG options. Gas Market Reform: The government also asked MEMO to prepare a plan for setting up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, as interconnectors with Greece (mid-2027) and Serbia (end-2028) move closer. Cross-Border Gas Projects: Greece’s Vertical Corridor extension to North Macedonia and Serbia was highlighted alongside plans to reverse north-south flows and strengthen regional connectivity. Finance & Risk: Hungary opened a criminal investigation into Eximbank deals, including a controversial €1bn loan to North Macedonia, after an internal audit flagged alleged abuse of office and mismanagement; police seized thousands of pages. Child Safety Online: UNICEF reported that about 20 million children aged 12–17 across 21 countries experienced technology-facilitated sexual exploitation or abuse in a year, with nearly 60% of cases on mainstream social media—Montenegro and North Macedonia showing especially high risk for reported self-harm and suicidal thoughts.

Energy Infrastructure: North Macedonia’s NOMAGAS and Serbia’s Transportgas Serbia have joined the Vertical Gas Corridor, with TSOs signing an MoU in Thessaloniki to expand interconnected transmission, boost bidirectional flows, and widen cross-border capacity—an upgrade aimed at giving Skopje access to southern supply routes via Greece and LNG terminals at Revithoussa and Alexandroupolis. Energy Market Design: The government has asked MEMO to prepare a plan for setting up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, with the goal of building an integrated electricity-and-gas market structure. Regional Energy Diplomacy: Greece and Balkan partners also signed an MoU to extend the corridor toward North Macedonia and Serbia, framing it as a security-of-supply and competitiveness play tied to reversing south-to-north gas flows. Public Finance & Risk: Hungary has opened a criminal investigation into Eximbank deals, including a €1bn loan to North Macedonia, after an internal audit flagged alleged irregularities such as weak collateral and high risk exposure. Digital Safety (UNICEF): UNICEF reports nearly 20 million children aged 12–17 across 21 countries faced tech-facilitated sexual exploitation or abuse in a year, with Montenegro and the Western Balkans included in the study.