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Agreement signed for financing the Project for National and Regional Roads Rehabilitation

Loan Agreement and Guarantee Agreementwith the World Bank were signed for construction and reconstruction of roads in the Republic of Macedonia, by WB Country Manager, Tatiana Proskuryakova, Deputy Prime Minister and Minister of Finance, Zoran Stavreski, and Director of the Public Enterprise for State Roads, Ljupco Georgievski.
The Loan Agreement is EUR 52 million worth and represents the first phase of the Project with World Bank for financing the new four-yearStrategy, projecting US$ 400 million for the Republic of Macedonia.

– The first EUR 52 million shall be used for road construction and reconstruction, and we expect additional EUR 100 million to be approved next year for another roads project. The total package intended for roads construction and reconstruction and financed by the World Bank shall amount over EUR 150 million, stated Stavreski.
World Bank extended this Loan under favorable conditions with variable interest, which is currently 0.6%, 6-year grace period and 23-year repayment period.
– This is the second project for road transportation the World Bank finances in the Republic of Macedonia, besides the ongoing Regional and Local Roads Program Support Project. This Loan provides a possibility to improve the road network, which is necessary for higher growth and more energetic economy. Improved road network will also mean better connection and safer travelling for the citizens of Macedonia, Proskuryakova said.
– By signing the Agreement, the Director of the Public Enterprise for State Roads, Ljupco Georgievskisaid,the financial scheme for reconstruction and rehabilitation of many significant national and regional roads in the country was finalized.