FYRMacedonia with a loan from the European Bank for Reconstruction and Development (EBRD) will reconstruct the railroad tracks from Tabanovce to Gevgelija, part of the Corridor 10. The Euro 17.6 million loan was approved by the EBRD Board of Directors on July 6.

Vice PM, Finance Minister Zoran Stavreski and Minister of Transport and Communications Mile Janakieski told a joint press conference that four sections of the railroad tracks, 53 kilometers in length, would be revamped.

This will improve the railroad tracks of Corridor 10, decrease costs for its maintenance and provide safe traffic on this sections, according to them.

Construction works will begin in 2011 and are expected to be completed by 2013.

- The rail tracks, whose previous reconstruction was 40 years ago, are significant for the economic development as well, because a bulk of the transport of goods (90%) takes place via this Corridor, said Finance Minister Stavreski.

The investment, he added, represents a vital project towards improving infrastructure and competitiveness of the economy.

- EBRD's approval of this loan is an additional confirmation for the strong support given by this international financial institution to the policies and reforms implemented by the Government of Macedonia, the Minister noted.

Stavreski and Janakieski at today's press conference informed that activities were under way for the realisation of a project for construction of railroad tracks from Corridor 8 towards Bulgaria, which according to estimations will cost Euro 400 million.

EBRD provided Euro 1.200.000 grant as technical assistance for implementation and supervision of the project. Euro 500.000 are intended for development of a feasibility study and analysis on the impact over the environment. These studies should be completed by mid-2011, after which the necessary financial resources will be provided. EBRD and the European Investment Bank have shown interest in financing the project.