The European Investment Bank (EIB) is providing a EUR 28.9 million loan for building North Macedonia’s section of a natural gas interconnector with Greece, which will help the Balkan country diversify its gas supply, enhance energy security, and increase the competitiveness of its energy market for the benefit of consumers. The project is seen as a short-term measure aimed at facilitating a gradual shift to clean energy, with natural gas as a transition fuel, write balkangreenenergynews.com
The construction of the 68 km gas interconnector section will link the country to the increasingly diversified natural gas markets in Greece and help integrate North Macedonia into the regional and EU energy market, the bank said in a press release. Minister of Finance of North Macedonia Fatmir Besimi said the project will provide stability in the energy supply, above all in the field of industry.
“Investing in natural gas in North Macedonia has to be seen as a transitory measure to enable a gradual shift to renewable, green and clean energy, improving environmental health and ensuring energy security in the long run,” said Steffen Hudolin, Head of Cooperation in the EU Delegation to North Macedonia.
Since the start of the COVID-19 pandemic, the EIB has invested EUR 144 million in North Macedonia to support the faster recovery of small and medium enterprises and the development of vital infrastructure, the bank said.