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EBRD mulls 10 mln euro loan to N. Macedonia's M-NAV

EBRD mulls 10 mln euro loan to N. Macedonia's M-NAV Photo: EBRD

SKOPJE (N. Macedonia), October 12 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is considering providing a senior loan of up to 10 million euro ($11.6 million) to M-NAV, the Air Navigation Services Provider of the Republic of North Macedonia, to help the company recover from the negative effects of the Covid-19 pandemic.

The potential loan would be co-financed with a senior loan of up to 5 million euro from a local bank, which will be used to refinance the current EBRD exposure and provide liquidity support, the EBRD said in a project summary document.

The EBRD loan will be used to provide capex financing and liquidity support to M-NAV, which has been negatively impacted by the drastic decrease in air traffic due to Covid-19, the bank said.

The loan approval date is set for December 15, according to the document.

The proposed transaction is in line with the Vital Infrastructure Support Programme under the EBRD's Covid-19 Solidarity Package.

($ = 0.8652 euro)