North Macedonia, EBRD will approve co-financing of 16 million euros for the project of the construction of gas interconnection with Greece

, SEE Energy News

The Government of North Macedonia said that it expects that the European Bank for Reconstruction and Development (EBRD) will approve co-financing of 16 million euros for the project of the construction of gas interconnection between North Macedonia and Greece in early 2023.

The statement from the Government said that the project already received a 25 million euros grant from the European Investment Bank (EIB), as well as 12 million euros from the Western Balkans Investment Framework (WBIF). With the EBRD’s funds, the financial construction for this project, of great importance for the country’s energy independence, will be closed.

In 2021, North Macedonia and Greece signed an agreement for the construction of natural gas interconnection between the two countries worth an estimated 100 million euros, of which 54 million would be North Macedonia’s contribution.

The gas interconnection should help North Macedonia ensure security of gas supply and liquidity on its gas market, as well as provide access to natural gas delivered through the Southern Gas Corridor.