Montenegro pays advanced amount to Chinese totalling EUR 81 m for Bar-Boljare highway section

(Photo: Aleksandar Parezanović)

Montenegrin Government yesterday paid the first installment of advanced payment totaling approximately EUR 81 m to Chinese company China Road and Bridge Corporation (CRBC) for priority section of the Bar-Boljare highway.

The authorities in the Ministry of traffic and marine confirmed to MINA-biznis that the government, when it comes to payment of the same amount of advanced payment, by the end of the month, i.e. the second installment, will obey to all contractual commitments.

The Government previously announced that the first installment of advanced payment of 10% of the contracted price for design and construction totals EUR 80,95m and that the same amount goes for the second installment.

Capital budget for this year sets aside EUR 206 m for the Bar-Boljare highway and preparation works on the highway should start in April, Cdm website reported. Capital infrastructure project totals EUR 809,6 EUR, 687 m of which was provided by the loan Eksim bank. The loan was approved on 20 years with a six-year grace period with a two percent interest rate.

Priority section is 41 km long. The price is EUR 19,7 m per kilometers and it is defined by facilities on the route.

The contract on design and construction of the priority section of the highway was signed with Chinese companies CRBC and China’s Communications Construction Company" (CCCC).