Exim Bank and Crnogorska Plovidba signed contract on procurement of two ships
The representatives of Chinese Exim Bank and Crnogorska Plovidba signed the contract today (January 26, 2010) in Podgorica on the loan for procurement of two ships worth 55.7m USD.
The biggest Chinese bank has provided 47.4m USD, Crnogorska Plovidba has paid the downpayment of 8.36m USD, while the Montenegrin Government's guarantee has been signed by Deputy Prime Minister Igor Lukšić.
- According to the contract for the loan that is approved by the Chinese Government, interest rate is fixed and amounts to 3%, the repayment period is 15 years, while the grace period is 5 years - the Ministry of Transportation announced.
CEO of Crnogorska Plovidba, Slobodan Starović, announced after the signing of the contract that the terms of the loan were twice as favorable as the terms of commercial loans and that the first ship should be delivered to Montenegro prior to end of 2011 or in early 2012.
- I am very happy with the fact that Kotor will once again have the ships as before - said the CEO of Crnogorska Plovidba.
The Governor of the Export-Import Bank of China, Li Ruogu, said that the procurement of two ships "opens new chapter in economic-trade cooperation between China and Montenegro".
- The procurement of two ships is only the first project in the series and, in that way, we give our contribution to restoration of the overseas navigation and economic development of Montenegro - Ruogu added.
He explained that the Export-Import Bank of China was the financial organization of the Chinese Government.
Both ships are 179.9 meters long, they have the capacity of 35,000 tons each and are suitable for transportation of dispersed freight.
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