Construction of new motorways Skopje-Sveti Nikole-Stip and Kicevo-Ohrid will be realized through an exceptionally favorable credit from the Exim Bank of China, said Vice Premier for Economic Affairs Vladimir Pesevski and Minister of Transport and Communications Mile Janakieski at Thursday's press conference.

According to Pesevski and Janakieski, the motorways' construction would contribute to the comprehensive economic development of the country, open new jobs for Macedonian citizens and lots of work for the construction sector in the next four years.

Minister Janakieski said the main contractor would be obliged to engage sub-contractors from Macedonia for at least 49 percent of projected works, procure at least 49 percent of construction materials from Macedonia, as well as employ at least 51 percent Macedonian nationals.

The funds come from the US$ 10 billion pool that China has allocated for construction of infrastructure projects in Eastern and Central Europe.

"Macedonia is the first country that will use a portion of this credit line, following year-long procedure aimed at securing increased transparency and competitiveness, resulting in a more attractive offer for construction of these motorways", said Vice Premier Pesevski.

The Skopje-Sveti Nikole-Stip motorway will cost EUR 206 million, whereas the Kicevo-Ohrid one EUR 374 million. The agreement also includes a provision stipulating ten percent for additional costs.

"The credit conditions are truly attractive, including a 20-year repayment period, five years grace period and 2-percent annual interest rate", said Pesevski.

Minister Janakieski informed that the 53km-long Skopje-Stip motorway would be completed in three years, whereas the 57km-long Kicevo-Ohrid highway in almost four.

"The realization of these projects aims at enhancing road infrastructure and improving standards for faster and safer transport", added Janakieski.