A cooperation agreement for the implementation of the Renewable Energy Project in Macedonia, set to be realised in a period of 18 months as part of the Balkans Renewable Energy Program (BREP), was signed Tuesday by Economy Minister Valon Saraqini, Environment Minister Abdulaqim Ademi and International Finance Corporation (IFC) representative, Zoran Martinovski.

Minister Saraqini said the project's implementation would not cause fiscal implication, "only contribution would be ensured such as services and products to support activities conducted by the International Finance Corporation."

"The project's main objective is by improving the regulatory framework to enable potential investors in small hydro power stations to prepare sustainable projects and to provide support while promoting investments in connection to sustainable energy by improving the procedures for tenders for small hydro power stations," Saraqini stated.

Thus far, he added, 70 contracts on water concession for small hydro power plants have been signed for five international announcements.

Environment Minister Ademi said it was in their interest these public announcements to be successful and investors to be found that meet the tender requirements.

"If there were simpler and clearer regulations in the field, then investments would be found in a more effective way," Ademi noted.

IFC representative Martinovski said the project would be implemented in the next four years and aimed at improving the legal framework and investment promotion of small hydroelectric plants in Macedonia.