Skopje, 10 October 2024 (MIA) – Money from the Hungarian loan intended for the business sector will be allocated through the Development Bank, which should negotiate with the commercial banks to determine under which conditions it will be handed out to companies. Funding is expected to be made available by the end of the year. 

“We expect the money to be transferred next week. A redistribution should be also made as part of the budget. We will transfer the money to the Development Bank as borrowing. It was my duty to sign the loan agreement, to secure the means, to transfer them to the Development Bank through an agreement between the [Finance] Ministry and the Development Bank. It is the Development Bank that should take over the procedure and communicate with the commercial banks,” Finance Minister Gordana Dimitrieska – Kochovska said Thursday.

It is expected financing from the loan, that was signed in Budapest in October 8, to be available for the companies before the end of the year. 

These are the expectations, noted the Minister, however, it will all depend on the engagement of all institutions involved in the process. 

“According to the talks I’d had with the prime minister, I expect it will be available by the end of the year, however, I have no way of knowing what might happen,” she told a news conference.

Falling short of revealing any details about the 2025 draft budget, Dimitrievska – Kochovska said no funds are planned in the new budget for ESM, the state-owned electricity producing company.

“I stick to my initial position that money from the national budget will not be approved for ESM and we’ll see whether commercial banks will approve loans. This has been already agreed by the government at a session,” the Minister stated accusing the former government of “destroying” the company pushing it into debts. Thanks to the new management and new director, she said, the company is reorganizing and the commercial banks will recognize it. 

Photo: MIA