EIB, Montenegro to quickly define financing scheme for key motorway project.

By bne IntelliNews February 4, 2013
The EIB and Montenegro are in a discussion to quickly find a solution for the financing of the future Bar-Boljare project, which was initialled six years ago and is expected to be the main south-north transport link in the small Adriatic state, the Bank's president Werner Hoyer said. He was speaking after meeting Montenegrin PM Milo Djukanovic in Munich on Feb 1. An audio tape with his speech was posted on the website of the Montenegrin government. Hoyer said that the project has always been on the agenda for the EIB and Montenegro, adding there are still some problems to be removed before agreeing on a financing scheme. "I am quite optimistic. I think we will arrive at a good definition of the project, a realistic one," he said. According to him, talks on further details will take place in the next couple of weeks. "I agreed with the prime minister that both of us - he himself and I myself, will take this on our own hands to make it move forward a little bit more quickly." Last month Djukanovic said construction on the Bar-Boljare motorway might start in the middle of 2013, Portalanalitika.me reported. The government is in negotiations with China's CCCC and a consortium of US firm Bechtel and Turkey's Enka on the project. The motorway will connect Montenegro's biggest Adriatic port of Bar with the border with Serbia. Back in February 2007 the transport ministry and the World Bank signed a contract to cooperate on the project, estimated to cost EUR 2bn.

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