23rd December 2021, Skopje – Funds have been provided for implementing “Gas Interconnector Greece – North Macedonia, North Macedonia Part” Project between Republic of North Macedonia and Greece. Minister of Finance, Fatmir Besimi and Vice President of the European Investment Bank, Lilyana Pavlova signed the Guarantee Agreement of the Republic of North Macedonia. At the same time, Finance Contract was also signed between the Joint Stock Company for Performing Energy Activities National Energy Resources Skopje and EIB. Total investment value of the Project amounts to EUR 57.8 million, whereby by signing the respective Loan Agreement, EUR 28.9 million has been provided therefor.
Additional EUR 12.4 million has been provided under WBIF as an investment grant, to be managed by the European Investment Bank, for which Agreement was also signed between the Joint Stock Company for Performing Energy Activities National Energy Resources Skopje and EIB. Remaining EUR 16.5 million will be provided by EBRD, for which, the Government is to submit a separate Draft Law on Guarantee in the upcoming period, as Minister of Finance, Fatmir Besimi announced.
“Gas Interconnector Greece – North Macedonia, North Macedonia Part” Project is one of the highest-priority projects for both countries, the regions, as well as for the Energy Community, being supported by all relevant European institutions. Implementation of this Project will provide for stability in the energy supply, above all in the field of industry, thus contributing to economic growth of all regions in the Republic of North Macedonia”, Besimi said, when signing the respective Agreement with Vice President Pavlova.
“Gas Interconnector Greece – North Macedonia, North Macedonia Part” Project, as Besimi said, is of strategic significance for Republic of North Macedonia. Project implementation will contribute to ensuring accelerated and sustainable economic growth, higher living standard and better quality of life of the citizens.
Besimi thereby expressed his gratitude about the continuous EIB extends to our country.
Vice President of the European Investment Bank said that “As the EU Bank and part of Team Europe, the EIB is glad to support this EU priority project, part of the Economic and Investment Plan and at the core of the national energy strategy of North Macedonia.
“It is also linked to the Bank’s earlier commitment to enhance energy security in the Western Balkans by decreasing dependency on one source of gas supply. It will open the access to various sources, secure supply in case of shortage and increase the market competition through a connection to increasingly diversified natural gas market in Greece. Being a priority project for the European Union and the Central and South Eastern Europe Energy Connectivity (CESEC) initiative, it will help the region gradually move away from the coal, while increasing connectivity and creating conditions for common regional market and attraction of new investments”, -Vice President Pavlova pointed out.
Project will be implemented by the state-owned Joint Stock Company for Performing Energy Activities National Energy Resources Skopje. Its implementation is also forecasted under the 2022 Budget, with capital investments being projected at historic high. Implementation of infrastructure capital projects will provide for accelerated economic growth and attaining 4.6% economic growth.