The Minister of Finance of Montenegro, Radoje Zugic, signed on Thursday
(October 30, 2014) with representatives of Chinese Eksim bank the contract on
funding and designing priority section at the Bar-Boljare highway (Smokovac-
Total funding and designing totals EUR 809,6 m, 85% of which will be provided from the loan of Eksim bank and the Montenegrin Government will provide the remaining 15%. TV Crna Gora reported.
It was previously announced that the loan was agreed with a payment deadline of 20 years, including a six-month delay in repayment start
The agreed annual interest rate totals two percent.
The Bar-Boljare highway is the biggest and most complex project in the history of Montenegro. Total Bar-Boljare highway length is 169,2 km. Priority and the most difficult section, Smokovac-Matesevo is 41 km long, 17 km of which goes on tunnels, three on bridges and almost half of kilometer to viaducts.
After signing, the contract will be delivered to parliament which should adopt the Law on highway and after that the works will start.