29th December 2019, Skopje – Agreement with the World Bank signed, whereby EUR 70 million has been provided aimed at rehabilitating, reconstructing and upgrading 450 kilometers of local roads in 80 municipalities in the country. Agreement was signed by Minister of Finance Nina Angelovska and World Bank Country Manager for North Macedonia, Marko Mantovanelli.
-Every penny invested in infrastructure will deliver a quadruple return: it encourages transport, trade, tourism, at the same time providing better living conditions for the citizens. Under this Project, funds will be provided, by which the local infrastructure throughout the country, will be improved. The Project is part of the 4-year Country Partnership Strategy amounting to EUR 420 million, covering investments in the field of infrastructure, projects for investments in human capital, fiscal sustainability and environmental sustainability – Minister of Finance Angelovska pointed out.
Funds have been provided under exceptionally favourable conditions, with 15-year repayment period and 5-year grace period and 6-month EURIBOR interest rate, increased by fixed spread, by which the interest rate accounts for 0.15%.
However, Project Implementation Unit has been established in the Ministry of Transport, to which the municipalities may submit projects.