Skopje, 4th December 2012 (MIA) – Ministry of Finance extended loan in the amount of Denar 8.2 million to Mavrovo and Rostusa Municipality for street rehabilitation and reconstruction.

Provided funds will be used for rehabilitation and reconstruction of Rostusa-Velebrdo local road, as well as the local road towards village of Zirovnica from the junction with R-409 regional road. Roads were built more than 20 years ago and asphalt road surface is damaged.

Envisaged reconstruction and rehabilitation of these roads will provide for easier, faster and better quality access to the municipality, which will add to improving the living standard of the citizens in Mavrovo and Rostusa Municipality.

Project realization is expected to contribute to better-quality local and regional connection of the citizens in the municipality, to provide for faster economic development and improvement of the living standard of the citizens. This will also improve the access to tourist localities, as well as the availability of tourist services, all to the end of promoting the development of tourism in the municipality.

Loan requirements are exceptionally favourable, six-month LIBOR interest rate (0.9% at the moment) and 13-year repayment period with 3-year grace period.

Financial resources are part of the “Municipal Services Improvement Project”, under which Government of the Republic of Macedonia provided US$ 50 million from the World Bank as support to municipalities. So far, 27 contracts with 25 municipalities were concluded within the Project.

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