20th December 2024, Skopje – EUR 500 million is provided from the Hungarian Export-Import Bank, intended for full and timely repayment of the liabilities on the basis of the Eurobond issued in 2018, falling due in January 2025. Minister of Finance, Gordana Dimitrieska-Kochoska, and Hungarian Export-Import Bank signed the Loan Facility Agreement in Budapest today.
“Today, in Budapest, we signed new Loan Facility Agreement with the Hungarian Export-Import Bank, extending fresh EUR 500 million, funds necessary for repayment of the Eurobond issued in 2018. The Loan Facility is extended under favourable terms and conditions and is intended for repayment of the liabilities falling due in January. The repayment period of the Loan is 15 years, including a 3-year grace period and 3.25% interest rate, which is much lower rate than the one of issuing a Eurobond, in which case it would have been higher than 6%, thus making substantial Budget savings on this basis. Moreover, savings are also generated on the basis of the fees, which amount to EUR 50,000 for this Loan, as opposed to the fees for the issuance of Eurobond, amounting to more than EUR 1 million”, the Minister of Finance said.
She highlighted that the loan being extended under the same terms and conditions as the first one, the Loan Facility Agreement therefor being signed in October, is of crucial importance, acknowledging the support provided by the Hungarian Government.
“Loan funds will be disbursed at the beginning of January, just in time to refinance the Eurobond. Hence, an important aspect is that the disbursement will not affect the public debt level, i.e. funds to be disbursed will equal the amount of the Eurobond repayment”, the Minister emphasized.
This Agreement is signed as per the Law on Borrowing by the Republic of North Macedonia under a Loan Facility Agreement with the Hungarian Export-Import Bank Private Limited Company for Budget Financing and General Financing Purposes, which was adopted by the Parliament. Considering the positive experience from the cooperation with Hungary in terms of borrowing under favourable terms and conditions when the first loan facility for budget financing and general financing purposes was extended, the Government has decided to take the second loan in the amount of EUR 500 million.
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