Her House Northern Macedonia ratified the cooperation agreement today with Britain on the implementation of investment plans in Northern Macedonia, the amount of which can reach up to € 6 billion.

76 MPs in favor of the agreement were ratified, and six voted against it.

According to the government, this is a “historical” agreement, and according to the opposition the agreement is opaque and the interest rate does not mention it.

Northern Macedonia Prime Minister Christian Mitskoski, following related objections, said that the interest rate on loans to be taken under the investment funding agreement would range around 4.5%, stating that the UK credit rating will be used. According to Mitskoski, this interest rate is the best that the country can now borrow in international markets.

With this agreement of Northern Macedonia-Britain, the first can borrow up to € 6 billion (5 billion pounds) in the markets with the guarantee of the British state.

The government of Northern Macedonia has said that money from this loan is intended for investment in the country, railways, health, energy, education and environmental protection.

According to the government of Northern Macedonia, in the next five years the country is going to raise about 2.2 billion euros from this loan for the money laundering of projects, such as the rebuilding of the Tabanovse railway line (at the border of North Macedonia). It is about 2 billion euros, as well as the rebuilding and reconstruction of hospitals in the cities of Stipe, Tetovo and Kitsevo, projects that will cost around 200m euros.

The remaining amount from the 6 billion euro loan remains at the disposal of the country if it later presents investment plans, appropriate to be funded.

The agreement was signed on May 22 in London representatives of the two countries’ governments.

Northern Macedonia Finance Minister Gordana Dimitriyeska-Kotsoska has stated that from the € 6 billion of the agreement with Britain, in the next five years the country will raise € 2.2 billion, or about one-third of the money, which will be allocated to the country.

“Two billion in five years correspond to 400 million euros a year. So will be the annual increase in public debt to implement these investments, which, on their part, will contribute to the development of the country’s economy. Nowhere does it say that we have an obligation to draw up to six billion. For its part, the British government guarantees that when our country receives our loans, it will repay them, “Dimitri-Kotsoska said.

The agreement, after being ratified by the House of Northern Macedonia, should now be approved by the British government and then start negotiations with banks and financial institutions to fund the project.