Finance Minister Žugić: Talks on implementation of Bar–Boljare highway project intensified

Podgorica, Montenegro (27 February 2014) – Montenegro's Finance and Transport ministers Radoje Žugić and Ivan Brajović met yesterday evening with representatives of China’s EXIM Bank for talks on the implementation of the Bar-Boljare highway project. The meeting was also attended by the Chinese Ambassador Zhi Zhaolin.

Minister Žugić underlined that the Framework Agreement and the Agreement on project design, construction, procurement and installation of equipment and materials for the Bar–Boljare highway testifiy to successful cooperation and confirm both sides’ commitment to implementing the major infrastructure project. He highlighted that the Government of Montenegro is dedicated to intensifying activities aimed at creating conditions for economic development, through the implementation of development projects, such as the Bar–Boljare highway.

"We are convinced that Montenegro needs this kind of project, which will bring a lot of benefits not only in terms of finance, infrastructure, safety and integration, but also in terms of valorisation of all disposing resources in Montenegro, and will have direct and indirect impacts on the GDP“, Minister Žugić explained.

Director of the Preferential Loan Department of China’s EXIM Bank Li Jicheng stressed that the loan arrangement with Montenegro represents the biggest investment support not only in the region, but beyond, and that the bank is willing to offer excellent financing terms.

Minister Žugić informed representatives of the EXIM Bank about the feasibility study drafted by the Faculty of Economics and the Faculty for Civil Engineering. The document, along with the environment impact study, will be submitted as soon as possible, thus completing the documentation which is required for approving the loan, he concluded.