SKOPJE (Macedonia), January 19 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has cancelled a 65 million euro ($69 million) loan to the Macedonian electricity generation utility ELEM for the construction of a hydro power plant.
The loan was available for five years and expired as conditions for disbursement were not met, the EBRD said in a statement, published on its website on Tuesday.
"No disbursements were made and the loan has now been cancelled," the bank said.
The loan should have been used for the construction of a hydro power plant near the town of Debar in Western Macedonia with 70 MW installed capacity. Thе annual generation of the plant was forseen to reach 118 GWh. The total project cost was estimated to be 84 million euro, as 19 million euro should be provided by ELEM.