EBRD cancelled 65 million euros loan for HPP Boskov Most – Macedonia, 19 January 2017

The European Bank for Reconstruction and Development (EBRD) announced that it has cancelled a loan to Macedonian power utility ELEM worth 65 million euros intended for the construction of hydropower plant Boskov Most in Mavrovo national park.
According to EBRD’s statement, the reason for the cancellation of the loan is that it has expired as conditions for disbursement were not met. The loan was available for five years. Last May, Macedonian court has annulled the license for the construction of HPP Boskov Most, noting that it was issued based on an inadequate and incomplete environmental impact assessment.

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