Skopje, 4 October 2024 (MIA) - The Hungarian loan agreement in the amount of EUR 500 million will be signed in Budapest on October 8, Finance Minister Gordana Dimitrievska Kochovska said on Friday.

"I expect the funds to be wired to the budget accounts by the end of next week," Minister Dimitrievska Kochovska told reporters.

The loan was agreed by Prime Minister Hristijan Mickoski and Hungarian counterpart Viktor Orban during this year's NATO Summit in Washington. The loan interest rate stands at 3.25 percent, with a three-year grace period and 12 years repayment period.

Half of the funds will be used by the business sector, whereas the other half will be spent for local infrastructure projects. A total of 357 project applications from 80 municipalities have arrived at the public call released by the Ministry of Local Self-Government.

MIA file photo