North Macedonia's government approved two draft laws for loans of 222.6 million euro ($233.2 million) in total from the European Bank for Reconstruction and Development (EBRD) for two infrastructure projects, the finance ministry said.

The government greenlighted a draft law to guarantee a 167.6 million euro loan from the EBRD to finance the construction of a motorway from Skopje to the Blace interchange near the border with Kosovo, North Macedonia's finance ministry said in a press release on Wednesday.

The loan with a term of 16 years, including a grace period of four years, will be lent at an interest rate equal to six-month EURIBOR, plus a margin of 1%.

The government will also receive a 26.5 million euro grant from the Western Balkans Investment Framework (WBIF) for the project, the finance ministry said.

Under the second draft law, North Macedonia plans to borrow 55 million euro from the EBRD for a regional solid waste project. The planned loan will be lent at an interest rate equal to six-month EURIBOR, plus a margin of 1%, for a term of 15 years, including a four-year grace period.

The project aims to establish regional waste management system in the Southeastern, Vardar, Pelagonija, Southwestern and Polog regions.