Skopje, 30th November 2012 (MIA) –Funds allocated from the World Bank in the amount of US$ 50 million as support to development policies for competitiveness of the economy are another proof for the World Bank’s support to the economic policy the Government of the Republic of Macedonia conducts, Ministry of Finance representatives point out.

– World Bank continues to be one of the most significant economic partners of the Republic of Macedonia. Allocated US$ 50 million with full support of the World Bank Board of Directors are an indicator that Macedonia conducts quality economic policy and this support will to a great extent contribute to mitigating the consequences of the European economic crisis, Vice Prime Minister and Minister of Finance, Zoran Stavreski said.

These funds will be used for several key activities, being divided in four areas: development of production with high value added, facilitation of restructuring of agriculture sector, improvement of efficiency of trade logistics and establishment of flexibility on the labour market by developing skills and innovation. Realization of the projects, financed with these funds will contribute to improving the public programmes that support the private sector development, thus also increasing the efficiency of public spending.

Republic of Macedonia, as stated in the press release successfully fulfilled all conditions, which were determined for the purpose of obtaining these funds. They were presented to the World Bank Board of Executive Directors in Washington on Friday, after which US$ 50 million was granted. Among the more important conditions the Government fulfilled so as for the Project to be presented to the World Bank Board of Directors were the introduction of one-stop-shop services for issuing building permits in the technological industrial zones, adoption of Export Promotion Strategy with Action Plan on Support to Exporters, establishment of electronic system for management of state-owned agricultural land, as well as adoption of multi-annual National Strategy for Development of Agriculture and Rural Development 2013-2017.

Funds will be granted to the Republic of Macedonia with 6-month Euribor interest rate, amounting to 0.62% at the moment, with 18-year repayment period, including 5-year grace period. Funds will be available for use after the Parliament of the Republic of Macedonia adopts the law for use of these funds and after agreement with the World Bank is signed, i.e. by the end of this year.
– Successful cooperation with the World Bank will further continue through investment infrastructure projects and other projects, press release stated.

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