|Macedonia signed an agreement for joining World Banks regional project for establishing a facility specialised in reinsurance of catastrophe risks, state news agency MIA reported. The facility is called Europa Re. Macedonias participation amounts to USD 5mn and is funded through a WB loan with a 22-year repayment period, a six-year grace period and a variable interest rate currently standing at 1.1%. There has been a growing trend in natural disasters resulting from climate change in Macedonia over the past 20 years, World Bank country manager, Lilia Burunciuc, noted. The project envisages founding a joint Switzerland-based facility Europa Re, which will enable local insurers to reinsure catastrophe risk products. The facility is anticipated to become operational in 1-1.5 years. The project also envisages work on building technical capacity of local insurers, regulatory agencies and policy makers. Those activities will be funded through grants. Albania and Serbia have already joined Europa Re, and Montenegro and Bosnia and Herzegovina are expected to do so as well.
Macedonias tobacco crop is expected to increase by 20% to over 30,000 tonnes in 2013, Utrinski vesnik daily reported quoting Danco Mileski, president of the countrys tobacco association. The ... more
The transport ministry has cancelled the tender for preparing a feasibility study for developing the countrys natural gas distribution network, build.mk portal reported. Reportedly, two bids were ... more
Large-sized commercial bank Komercijalna Banka announced that it has won the award Best Bank in Macedonia for 2013 by the magazine Global Finance. The Macedonian bank wins the award for a 10th ... more