Skopje, 23 December 2021 (MIA) – North Macedonia has secured funds for the implementation of the project concerning the construction of gas interconnection with Greece, Finance Minister Fatmir Besimi said on Thursday after signing a contract with European Investment Bank Vice-President Lilyana Pavlova. Investment in the project stands at EUR 57.8 million, of which EUR 28.9 million are provided via the EIB loan. The EIB loan, the Finance Minister added, complements a €12.4 million grant by the Western Balkans Investment Framework (WBIF). The remaining EUR 16.5 million will be provided by the EBRD. “The North Macedonia section of the Greece–North Macedonia gas interconnector project is one of the highest priority projects for both countries, for the regions, as well as for the Energy Community, being supported by all the relevant European institutions. Implementation of this project will provide stability in the energy supply, above all in the field of industry, thus contributing to economic growth in all regions of the Republic of North Macedonia,” Besimi said. He added that the project is of strategic significance for North Macedonia, stressing that project implementation will help to ensure accelerated and sustainable economic growth, higher living standards and a better quality of life for our people. Moreover, the Minister expressed his gratitude for the EIB’s continuous support for North Macedonia. EIB Vice-President Pavlova said that as the EU bank and part of Team Europe, the EIB is glad to support this EU priority project, part of the Economic and Investment Plan and at the core of the national energy strategy of North Macedonia. “It is also linked to the Bank’s earlier commitment to enhance energy security in the Western Balkans by decreasing dependency on one source of gas supply. It will open up access to various sources, secure supply in case of a shortage and increase market competition through a connection to increasingly diversified natural gas markets in Greece. Being a priority project for the European Union and the Central and South Eastern Europe Energy Connectivity (CESEC) initiative, it will help the region gradually move away from coal, while increasing connectivity and creating the conditions for a common regional market and attracting new investments,” she underlined. The project will be implemented by the state enterprise for energy activities, National Energy Resources-Skopje. Its realization has also been included in the 2022 Budget, which has allocated a record-high level of capital investment funds.