Skopje, 19 July 2023 (MIA) – The Government secured EUR 100 million favorable funds in support of Power Plants of North Macedonia (ESM) from the European Bank for Reconstruction and Development (EBRD), as part of the activities taken to tackle the energy crisis. The legislation making the funds available to ESM was adopted Tuesday by Parliament, said the Ministry of Finance.

The adoption of the Law on Guarantee by the Republic of North Macedonia for the Loan Agreement for financing of the ESM liquidity support project, is a prerequisite for the signing of the Loan Agreement between the EBRD and ESM. The agreement secures EUR 100 million as support for ESM’s liquidity at a time of an energy crisis, with the goal of continued stable and secure provision of electricity to the citizens and businesses.

The term of repayment is five years, with a grace period of 6 months and a variable interest rate which includes a six-month Euribor increased by a margin of 1 percent. The loan is a continuation of the Government’s measures adopted in order to tackle the energy crisis.

Photo: MIA Archive