World Bank to grant loan for construction of three sections of "Corridor 10"

- The representatives of the World Bank and the Government of Serbia have finished the negotiations about crediting of construction of 388m USD worth of three highway sections of "Corridor 10" - the World Bank announced today (June 11, 2009).

The leader of that WB's project, Martin Humphreys, said at the press conference that the loan would be granted for construction of highway sections Grabovica - Grdelica, Vladičin Han - Donji Neradovac and Dimitrovgard - Bulgarian border, and that the works should start in mid-November.

Humphreys said that the next step was forwarding of all project-related documents to the Board of Executive Directors of the World Bank for approval at the session on July 9th, which should be followed by the signing of the contract and its ratification in the Parliament of Serbia.

The repayment period is 20 years, with grace period of eight years and annual interest rate of 1.6%.