MoF: Finalization of the financial scheme for Greece – North Macedonia Gas Interconnector Project, with EBRD loan of EUR 98.6 million

 Government completed the financial scheme for implementing Greece – North Macedonia Gas Interconnector Project, with EUR 98.6 million provided by the European Bank for Reconstruction and Development (EBRD). On Wednesday, the Parliament adopted the Law on Guarantee by the Republic of North Macedonia under the Loan Agreement for financing the Regional Gasification Project, which will be concluded between NOMAGAS JSC Skopje and the European Bank for Reconstruction and Development.

“Regional Gasification Project is of strategic significance for the Republic of North Macedonia, given the supply and the diversified sources of supply guaranteed thereby, thus also increasing the country’s energy independence. This Project will also contribute to ensuring an accelerated and sustainable economic growth, higher living standard and better quality of life for the citizens”, Minister of Finance, Fatmir Besimi said, thereby adding that this is one of the top priority projects for the country, as well as for the region, being supported by all relevant European institutions.

He went on that this is part of the investment package aimed at implementing major infrastructure projects in the field of road, railway infrastructure, energy and similar in the period to come. Such investments are driving force of the country’s development, thus ensuring sustainable growth as well.

For the purpose of implementing the Project, 28.9 million is provided as EIB loan, EUR 12.7 million as WBIF grant, and EUR 98.6 million as a loan extended by EBRD.

Project covers construction of natural gas interconnection pipeline with Greece (66 km) and two natural gas transmission pipelines: Gostivar to Kichevo (34 km, Section 1 ) and Sveti – Nikole to Veles section (28 km, Section 2). NOMAGAS JSC Skopje is the Project Implementing Agency.

Adoption of the Law on Guarantee by the Parliament will be followed by signing a Loan Agreement between Republic of North Macedonia, represented by Ministry of Finance and EBRD, Loan Agreement between NOMAGAS JSC Skopje and EBRD, as well as Agreement on Regulating Mutual Rights and Obligations between Ministry of Finance and NOMAGAS JSC Skopje.