North Macedonia’s finance ministry said it is inviting citizens to subscribe to a new issue of two-year development bonds planned in the amount of up to 600 million denars ($10.6 million/9.8 million euro).

The finance ministry will offer 60,000 government securities with a par value of 10,000 denars each at an auction on July 13, the finance ministry said in a press release last week.

The offering will be available for subscription by July 12. The development bonds will carry an interest rate of 5% per year.

The development bonds intended for citizens is a new instrument on the domestic securities market which is expected to bring benefits for citizens and the economy, North Macedonia’s prime minister Dimitar Kovacevski said in the press release, adding that the funds will be used to finance budgetary needs.

Earlier this year, North Macedonia’s finance ministry announced it plans to introduce new financial instruments as part of its new Public Debt Management Strategy, including development bonds, green bonds, and project bonds.