March 1 (SeeNews) - Bosnian state-owned road construction company Autoceste FBiH said it has signed a 64.96 million marka ($37.3 million/33.2 million euro) contract with Turkey's HGG Insaat Anonim Sirketi for the construction of the Nemila-Vranduk motorway section of European Corridor Vc.
Under the deal, the construction of the 5.7km-long section should be completed in 24 months, Autoceste FBiH said in a press release on Monday.
Autoceste FBiH is financing the construction works through a loan from the Kuwait Fund for Arab Economic Development.
With the completion of the works on the Nemila-Vranduk section, Bosnia will open for traffic a 23-kilometre-long section of the Corridor Vc from Poprikuse to Donja Gracanica, the statement read.
Autoceste FBiH said it expects by the end of 2022 to sign contracts worth 961 million marka for the construction of three Corridor Vc motorway sections with a total length of 43 kilometres. The company has secured funds for the projects through loans from the European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB), as well as EU grants, it said.
Corridor Vc connects the port of Ploce in Croatia with Budapest in Hungary via Bosnia and Herzegovina.
(1 euro = 1.95583 marka)