European Investment Bank approved EUR 130,000,000 to the Republic of Macedonia for Corridor X Project, Demir Kapija – Smokvica motorway section.
 
As Ministry of Finance announced, funds are approved under exceptionally favourable conditions, interest rate of 1.3% at the moment, 15-year repayment period, including 5-year grace period.
 
The whole project is in the amount of around EUR 245 million. In addition to EIB, European Union will participate in the financing through a grant in the amount of EUR 45,000,000 through the IPA Programme and European Bank for Reconstruction and Development will participate with a loan in the amount of EUR 107,000,000, EUR 90,000,000 out of which is allocated to construction of the highway, and the rest of the funds for modernization of the toll collection system and the toll plazas along Corridor X. Republic of Macedonia will participate in the Project with around EUR 6,000,000, funds provided from the state budget.
 
– Construction and development of Pan-European Corridors passing through our country are high priority for the Government of the Republic of Macedonia, press release stated.
 
Such solution for Corridor X will provide for construction of a modern motorway section in line with the European standards. It will contribute for reduction of travel costs, as well as travel times, by facilitating the flow of vehicles. By completing the construction of this section long around 28 km, main urban, industrial and trade centers along Corridor X within the region and broader in Europe will be connected, contributing to increase of the transit of vehicles through the country, as well as the trade.(MIA)
