The World Bank has provided USD 46.5 million for implementation of two projects, crucial for North Macedonia’s economic development. Projects involving energy efficacy in the public sector and promoting primary education are part of the World Bank’s four-year Country Partnership Framework for North Macedonia worth USD 420 million.
Contracts over the two projects were signed recently. Funds for the energy efficiency project stand at EUR 25 million, while for the education project at EUR 21.5 million.
The payment period for the loan is 11 years, with a three-year grace period and six-month Euribor interest rate.
The first project is set to provide funds for energy efficiency in public buildings and street lighting, as well as technical and financial assistance for setting up an energy efficiency fund. The second project focuses on investing in school infrastructure, strengthening staff competences and implementation of reform on monitoring and evaluating national learning progress, aiming to establish a state testing program.
According to Finance Minister Fatmir Besimi, projects involving development play a key role in mitigating the economic effects of the COVID-19 crisis.
“Both projects aim at ensuring smart growth by investing in improving efficiency and human resources,” Besimi told a press conference on Friday.
He noted that two other projects within the World Bank’s Country Partnership Framework for North Macedonia are in the works. The first one focuses on modernization of agriculture and stands at EUR 46 million, while the second one on local roads, amounting to EUR 37 million. Implementation is set to start following their adoption in Parliament.
The World Bank’s four-year Country Partnership Framework for North Macedonia aims to establish economic competitiveness and sustainable growth in the country. In the past three decades, the World Bank has financed projects amounting to USD 2.5 billion.
