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On May 13, 1998, the Government of the Republic of Macedonia, the joint stock company for    telecommunications Makedonski Telekomunikacii A.D.,  and the IFC (International Finance Corporation, a member of the World Bank Group) signed an Investment Agreement. Under the agreement IFC will pay US$ 25 million in exchange for convertible shares of Makedonski Telekomunikacii A.D. which can be converted later into common shares, after the company is privatized.      This transaction will provide financial assistance for the 1998 Capital expenditure program of Makedonski telekomunikacii, aimed towards network expansion, modernization, quality of service improvement, etc.      A similar deal is expected to be concluded with the London based EBRD (European Bank for Reconstruction and Development). Both deals are part of   the pre-privatization program of Makedonski Telekomunikacii A.D.

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