Today in Budapest, Finance Minister Gordana Dimitrieska – Kocoska signed the loan agreement with the Hungarian ex-im bank for 500 million EUR. The funds will be made available for local infrastructure development in Macedonia and to support private businesses.

These funds are badly needed to our economy, which had very poor results in the first quarter. The municipal projects we will implement are necessary and will also positively reflect on our economic activity, while meeting burning needs of our citizens, said Minister Dimitrieska.

She pointed to the favorable terms of the 15 year loan, with its 3.25 percent interest rate and 3 years of grace period, which prompted the Government to turn to this bilateral loan instead of offering new debt on the markets. “Given the expected 6 percent interest rate on the markets, we are saving about 14 million EUR a year”, she added.