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Mainstream Macedonia

With a successful Eurobond behind it, the republic is beginning to fulfil its promise as a strategic part of the Balkans. Oonagh Leighton reports.

By Oonagh Leighton

Libor Krkoska, senior economist for Macedonia at the European Bank for Reconstruction and Development
Krkoska: on radar screens

THE SUCCESS OF the Republic of Macedonia’s debut Eurobond, issued at the end of 2005, is one indication that the small republic, formerly part of Yugoslavia, is taking strides towards becoming a functioning market economy. The execution of the $150 million 10-year bond with a yield of 4.7%, led by Citigroup, also highlights the benefits of being a country in play for accession to the European Union. “It is very hard for a country like Macedonia to even get on the radar screen,” says Libor Krkoska, senior economist for Macedonia at the European Bank for Reconstruction and Development. “This bond will have brought them to the attention of international investors, many of whom probably did not even know where they were based before, and proven that they have the ability to access the global capital markets.”

Since then investors might have become more familiar with the country as elections in July heralded the emergence of a new government that has repeatedly professed economic reform to be at the top of its agenda.

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