Republic of Macedonia has closed the financial construction for overhaul of the eastern section of Corridor 8 railroad leading to Bulgaria.

"The funds amounting to EUR 46,4 million have been secured from the European Bank for Reconstruction and Development (EBRD) at exceptionally favorable conditions", said Vice Premier and Finance Minister Zoran Stavreski.

According to him, the project envisaged the overhaul of the Kumanovo- Beljakovce 31km-section.

"The reconstruction of this section, but also the entire construction of the Corridor 8 railroad is becoming a reality after 15 years of standstill", added Stavreski.

He stressed the EBRD funds have a 15-year repayment period and a current interest rate of 1.7 percent.

The section's construction is to begin in the first quarter of 2013 and complete in 3-4 years.