Montenegro has signed the 90-year leasehold agreement with State Oil Company of Azerbaijan Republic (SOCAR) for the former military barracks Orijen Battalion in Kumbor, the government announced. Under the deal, SOCAR is obliged to invest EUR 52mn into development of a tourism resort during the first four years of the lease and EUR 258mn during the first 8 years of the lease. The company will pay a rent that consists of two parts - a fixed rent of EUR 1 per square meter and a variable rent of 5% of the profit. The rented land is 240,000 square metres. The lessee will establish a local company in Montenegro, which will take all rights and obligations under the lease contract. |
Montenegro's government said it decided on Thursday, March 21, to reduce to EUR 220mn from EUR 250mn the amount it plans to borrow this year for financing its budget spending and servicing ... more
Montenegro's budget revenue increased by 11.5% y/y to EUR 195mn in the period from January 1 to March 20 due to higher profit tax, social contributions and VAT inflows, news service ... more
Mobile phone penetration in Montenegro dropped to 155.5% at the end of February 2013, from 159.81% at end-Dec 2012 and 163.66% a year earlier, the latest figures of the telecommunications agency ... more