November 23 (SeeNews) - The European Investment Bank (EIB) signed an agreement to invest 50 million euro ($51.7 million) in North Macedonia's water sector, the lender said on Wednesday.
The investment should help North Macedonia build and upgrade infrastructure for its water supply, wastewater treatment, and flood protection systems, the EIB said in a statement.
The loan should be repaid in 25 years, including a grace period of five years, North Macedonia's finance ministry said in a separate statement.
The funds will be made available to the country’s 80 municipalities, the EIB said.
The project is envisaged to benefit some 700,000 people, open up new economic opportunities, and increase the country's population's ability to withstand climate change by about 40%.
This is the EIB’s third environmental operation in North Macedonia.
The EIB has invested 1 billion euro in North Macedonia since 1977.
($ = 0.9689 euro)