(ANSA) - BRUSSELS - The European Bank for Reconstruction and Development (EBRD) is financing the modernisation of the Macedonian national road network with a loan of up to 64 million euros.

The loan is being extended to the Macedonian Public Enterprise for State Roads (PESR), a company responsible for the operation and maintenance of the national and regional road network. As part of the investment the Bank will support the opening of the road maintenance market to the private sector and strengthening PESR's procurement practices and asset management.

The funding will be used to improve a 39 kilometre single carriageway section on the national road that connects the city of Stip, one of the fastest growing economic centres, with Radovish, the second largest city in the south-east of the country. As part of the A4 road, the improved road section will also connect with the new Miladinovci-Stip highway which leads to a cross section of the Corridor VIII and Corridor X in south-eastern Europe. (ANSA).