Skopje, 6 March 2023 (MIA) - The auction for issuance of the ninth Eurobond that took place on Monday was successful, with four times higher interest from investors than the offer, said the Ministry of Finance.

The auction secured EUR 500 million at a coupon interest rate of 6.96 percent, whereas further EUR 100 million are ensured through the European Commission instrument for macrofinance support at an interest rate of about three percent.

This means that the refinancing of the Eurobond issued in 2016, as well as other payments of previous borrowing for which these funds were intended, will be conducted at the same interest rates as the previous auction, the MoF said in a press release.

It adds that the interest of investors for the ninth Eurobond exceeded EUR 2 billion or EUR 500 million higher than the previous auction, "which once again proves their trust in the Government policies."

The remaining funds for budget purposes in 2023 are secured through favorable loans provided by international financial institutions, such as IMF, World Bank and others at a lower interest rate, aimed to support current policies that should contribute to higher growth in the mid and long term.

The Eurobond was set to be issued in February but the process was delayed due to administrative obstacles. Namely, it lacked a signature from the new minister of justice, who was not yet elected at that time.