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Implementation of “Lustica Bay” project to make hu...
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Implementation of “Lustica Bay” project to make huge contribution to Montenegro's economy growth
Published on: Apr 2, 2014 • 5:04 PM Author: PR Bureau
Podgorica, Montenegro (2 April 2014) – Montenegro’s Finance Minister Radoje Žugić hosted Tuesday Executive Director of Luštica Development AD Ilhab Kemel for talks on the current status of the Luštica Bay sustainable luxury resort in the Bay of Kotor, Montenegro.
Executive Director Kemel informed Minister Žugić about the planned investment amounting to EUR 1 billion and the acceleration of the activities in the coming period.
In Mr Kamal’s words, the first phase of the project, which is to be completed by 2017, is underway, including the construction of the hotel and residential resorts, marina and a golf course. The construction of the apartments building is nearing completion, and the marina construction works will be intensified, he underlined. The start of the construction of the hotel is expected next year, the Luštica Development Executive Director pointed out.
The cooperation with Montenegro’s Finance Ministry is excellent, particularly in resolving property rights and there are no open issues which could slow down the implementation of the project, the representatives of Luštica Development underlined.
Minister Žugić commended the fact that the implementation of the project has been accelerated, adding it will significantly enhance Montenegro’s tourist offer and contribute to the country’s reputation as a high class tourist destination.
“The Government of Montenegro and Luštica Development AD have a common interest in successfully implementing the project,” Minister Žugić highlighted. He added this project will have direct impact not only on boosting employment, budget income and economy growth in Montenegro, but on attracting new investors as well.
He reiterated the Government of Montenegro is willing to support this respectable investor and that the Ministry of Finance will actively collaborate on dealing with all open issues that could appear during the implementation of the project.
The lease and construction agreement between the Government of Montenegro, municipality of Tivat and Luštica Development AD came into force in December 2013.
Executive Director Kemel informed Minister Žugić about the planned investment amounting to EUR 1 billion and the acceleration of the activities in the coming period.
In Mr Kamal’s words, the first phase of the project, which is to be completed by 2017, is underway, including the construction of the hotel and residential resorts, marina and a golf course. The construction of the apartments building is nearing completion, and the marina construction works will be intensified, he underlined. The start of the construction of the hotel is expected next year, the Luštica Development Executive Director pointed out.
The cooperation with Montenegro’s Finance Ministry is excellent, particularly in resolving property rights and there are no open issues which could slow down the implementation of the project, the representatives of Luštica Development underlined.
Minister Žugić commended the fact that the implementation of the project has been accelerated, adding it will significantly enhance Montenegro’s tourist offer and contribute to the country’s reputation as a high class tourist destination.
“The Government of Montenegro and Luštica Development AD have a common interest in successfully implementing the project,” Minister Žugić highlighted. He added this project will have direct impact not only on boosting employment, budget income and economy growth in Montenegro, but on attracting new investors as well.
He reiterated the Government of Montenegro is willing to support this respectable investor and that the Ministry of Finance will actively collaborate on dealing with all open issues that could appear during the implementation of the project.
The lease and construction agreement between the Government of Montenegro, municipality of Tivat and Luštica Development AD came into force in December 2013.
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