Repair of railroad Podgorica-Nikšić to start at end of 2005 - €50m

The long delayed repair of Podgorica – Nikšić railroad could start at the end of 2005, public company Railways of Montenegro announced. This undertaking should be financed from the credit approved by Czech Export Bank in amount of nearly €50m, which is the amount required for complete reconstruction and electrification of railroad track 57 km long. The overhaul could start before the end of 2005. The credit would be approved for 10 years, with a favorable interest rate and with a 3-year grace period. The reconstruction would last two and half years. The railroad Podgorica-Niksic was built almost six decades ago, and it hasn’t been repaired since 1965. During the last few years, it has only been used for cargo transportation, while passenger transport was ceased because the trains cannot go over 30 km/h. (Pregled)