Montenegro secures Bar-Boljare tunnel financing

Montenegrin Ministry of Transport and Maritime Affairs has reported that a total of EUR 388mn (USD 447.53mn) has been secured for construction of 16 tunnels on the Bar-Boljare motorway, while to date around EUR 205mn has been spent for construction of 20 bridges. Highest bridge cost of EUR 74.5mn is for the Moracica on the Smokovac-Matesevo priority section, while the Vjeternik tunnel is the most expensive at EUR 67mn. Kosman and Vezesnik tunnels will cost EUR 52mn and EUR 45mn, while Mala Trava and Jabucki Krs are estimated at EUR 40mn and EUR 28mn, respectively. Total value of the Smokovac-Uvac-Matesevo road project is estimated at around EUR 810mn, out of which EUR 688mn has been secured from China's Exim Bank. To date, government has paid around EUR 570mn to the China Road and Bridge Corporation (CRBC) company for the completed project works.