The Macedonian Stock Exchange officially launches a project today that could open a new door for domestic companies - a door to capital that doesn't come from a bank loan. The initiative, backed by the European Bank for Reconstruction and Development (EBRD), will help up to ten companies prepare to enter the capital market by issuing shares or corporate bonds.

Implementation will be carried out by PWC North Macedonia and PWC Croatia. The selected companies will receive an expert, independent analysis of their readiness for the capital market, take part in a specialized leadership academy, and get concrete guidance on future fundraising through the exchange. On paper, that's exactly what the Macedonian economy has lacked for decades - an alternative to its dependence on bank loans.

Because that's where the root of the problem lies. The Macedonian exchange has been quiet for years, almost dormant - few companies are listed, and even fewer citizens ever think about investing through it. When the only path to money for growth runs through a bank, companies grow slowly and the economy stays shallow. A functioning capital market is a sign of a mature economy; we still don't have one.

That's why the project is welcome - but with a healthy dose of caution. Ten companies prepared for the exchange are not a capital market; it's a beginning we've announced many times before. The question isn't whether a leadership academy will take place, but whether it will actually produce a company that goes public and succeeds. Until then, this is a promising step - but steps are measured when they get somewhere, not when they're announced.