Bar Boljare Highway (Photo-Promo)
A total of 85 percent of a priority section of the Bar-Boljare highway has been completed, while the main contractor has been paid EUR655.75m.
Montenegrin Minister of Transport and Maritime Affairs Osman Nurkovic declined to say whether a section from Smokovac to Matesevo would be finished by the end of September, which is the new deadline for its completion, B92 reported citing the Montenegrin press.
The initial deadline for finishing the works on the priority section was May 11 last year which is the fourth anniversary of the start of construction.
Nurkovic said that since the project began the CRBC company as the contractor had been paid EUR482.84m for actual works on the ground conclusive with works executed in November last year, in addition to EUR161.9m in advance for the main job. Last year EUR105.09 was disbursed.
The initial arranged price of the priority section was EUR809m. A total of USD944m was borrowed from the Chinese Exim Bank with a repayment date of 20 years and two percent interest rate with a grace period of six years. Coupled with additional work this section of the highway will cost around EUR895m.
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