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
Saudi private sector secures 82% of development fund contracts worth $3bn
Saudi private companies have captured 82% of contracts signed by the Saudi Development Fund over the past three years, with a total value exceeding $3bn, according to Abdulmohsen Al-Khayyal, ... more
Construction work on $4.6bn Trans-Afghan Railway could reportedly be under way within six months
Construction work on the proposed Trans-Afghan Railway could be under way within six months, while the project could cost around $4.6bn to deliver and cut shipping transit times from Uzbekistan to ... more
Uzbekistan’s banking sector becoming more resilient, says Fitch
Uzbekistan’s banking industry is becoming more resilient, with the sector underpinned by ongoing structural reforms, stronger regulation and improving governance, ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago