The European Bank for Reconstruction and Development (EBRD) said on June 21 it is providing a €110mn sovereign-guaranteed loan to North Macedonia for the construction of a 10.7km motorway section in the western part of the country as part of the pan-European Corridor VIII.
The section is part of Kicevo-Ohrid motorway that leads to the lakeside city of Ohrid and further to Albania. Corridor VIII link Bulgarian and Albanian coasts via North Macedonia.
"The loan for the Public Enterprise for State Roads (PESR) will enable the company to finance capex and supervision related to the construction of a 10.7km section from Bukojchani to Kicevo, and the detailed design of a subsection," the EBRD said in a notice.
The project will be co-financed with a €19.8mn investment grant provided by the European Union through the Western Balkans Investment Framework (WBIF).
The EBRD board is expected to approve the loan on September 8.
Related Articles
Azerbaijani banks report mixed financial performance in Q1 2025
Azerbaijan’s leading commercial banks released their financial results for the first quarter of 2025, showing a mixed performance in profitability, digitalisation, credit growth and capital ... more
Hungarian subsidiary of Intesa Sanpaolo targets further growth after record 2024
CIB Bank, a subsidiary of Italy's Intesa Sanpaolo, is planning further expansion in 2025 after posting record results last year, CEO Pal Simak said after the release of the annual earnings report. ... ... more
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more
Most Read
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
1 month ago
-
Scandal surrounding Hungarian central bank’s investments spreads to Polish developer GTC
30 days ago
-
Israeli IDF troops engage in ground battle in Syria as airstrikes hit Palmyra
30 days ago
-
Who will be Serbia’s next prime minister?
30 days ago
-
TNT ammunition depot in Czechia explodes
30 days ago