Skopje, 21 November 2008 Macedonia plans to invest up to €4 billion in infrastructure projects over the next few years, safeguarding jobs that might otherwise be lost in the turmoil of the global financial crisis, the country’s Economy Minister said on Thursday.

Speaking at the regional Economic Forum in the lakeside town of Ohrid, Economy Minister Fatmir Besimi said part of the money would come from the budget, but the majority would be obtained through loans and European Union funds.

Macedonia’s 2009 draft budget, submitted to parliament last week, foresees a record  €500 million earmarked for transport and energy infrastructure projects.

Explaining the rationale, Finance Minister Trajko Slaveski said Macedonia could use these projects employ companies that might otherwise go out of business due to lower demand on the world market.

Hosted by Macedonian President Branko Crvenkovski, the presidents of Croatia, Montenegro, Bulgaria, and Albania and a member of Bosnia’s tripartite presidency attended the two-day forum to address the impact of the world economic crisis on the region as well as regional infrastructure and energy issues.

Firms who previously saw the region’s transition economies as good investment opportunities have increasingly become averse to risk and in some cases pulled out  capital to reinforce beleaguered operations at home, hurting regional bourses and currencies.

Contributed by Balkaninsight