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SARAJEVO (Bosnia and Herzegovina), October 15 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is considering to extend a 30 million euro ($33 million) loan for the improvement of the road network of Bosnia's Sarajevo canton.
The sovereign loan will be extended to the Bosnian government, and then on-lent through a cascade of sub-loans via the Federation entity to the Sarajevo canton, the EBRD said in a statement on Monday.
The lending will be provided in two tranches, with 10.0 million euro distributed in Tranche 1 and the remaining 20 million euro in Tranche 2.
The loan will support a bigger 46.4 million euro project aimed at upgrading and modernising the strategic road network of the Sarajevo canton by improving urban transport within the city of Sarajevo and connecting it to other parts of the canton, the EBRD explained.
In particular, the project includes the construction of a twin pipe tunnel in the Kobilja Glava village in the Sarajevo canton and the construction of a connection road to the tunnel (on the 1st Transversal road), and a dual carriage way at the end of the Sarajevo bypass road (on the 9th Transversal road).
The Sarajevo canton and the Federation's government will provide the remaining financing.
The Federation is one of two entities that make up Bosnia. The other one is the Serb Republic.