Agreement on Bar-Boljare highway construction signed, conditions created for negotiating financial agreement

Podgorica, Montenegro (26 February 2014) – Montenegro's Transport Minister Ivan Brajović and representatives of the Chinese company China Road and Bridge Corporation (CRBC) signed earlier today in Podgorica the Framework Agreement and the Agreement on the project design, construction, and procurement and installation of equipment and materials for the construction of the Bar-Boljare highway, that is the priority section Smokovac-Uvač-Mateševo.

The signing of the agreement was one of the preconditions for starting negotiations with the Chinese EXIM Bank on financial viability of the project, Minister Brajović told the press conference following the signing ceremony.

The agreement on the project design and construction, and the financial agreement with the EXIM bank which is to be signed, as well as the Law on Highway, will be submitted to the Parliament of Montenegro for approval, he explained.

The Government of Montenegro selected the Chinese companies CCCC International (China Communications Construction Company) and the CRBC (China Road and Bridge Corporation) as best bidders for the construction the the 44-km priority section on the future Bar-Boljare highway on 4 July 2013. The offered price for the construction of the priority part of Montenegro’s greatest infrastructural project is EUR 809.577.356,14.