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Macedonia, EBRD sign 64-mln-euro agreement on highway construction

Xinhua, November 19, 2015 Adjust font size:

Macedonia and the European Bank for Reconstruction and Development (EBRD) on Wednesday signed a 64 million euro (68.2 million U.S. dollars) agreement to construct highways in the country.

Macedonian Deputy Prime Minister and Finance Minister Zoran Stavreski and Public Enterprise for State Roads (PESR) Acting Manager Director Aleksandar Stojanov signed an agreement with EBRD representatives on the construction of the Stip-Radovis highway in 2016, encompassing a 39 km road.

"The road construction is an effort to modernize the road infrastructure in eastern and southeastern Macedonia, which upgrades the Skopje-Stip highway. It is a vital investment cycle in the road infrastructure that in 2016 will be estimated at more than 200 million euros," Stavreski said.

The loan, Stavreski stated, has been approved under favorable conditions including a payment period of 15 years, a four year grace period and an interest rate that currently stands at 0.99 percent.

ERBD director for Western Balkans Holger Muent said by modernizing the road infrastructure in Macedonia, the country will become more attractive for foreign investors by offering better export opportunities.

Stojanov said: "New, overhauled roads generated increases movement of vehicles, enables swift and economical transportation and contributes to strengthening road safety."

ERBD began its investments in Macedonia since 1993 and is improving regional inter-connectivity in the Western Balkans by financing the construction and reconstruction of two national road sections in Macedonia. ERBD has signed over 90 projects in the country with a net business volume of more than 1.5 billion euros. Endite