EBRD to provide €110mn loan to North Macedonia for Corridor VIII motorway section

By bne IntelliNews June 21, 2021

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.

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