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Nov 24, 2017 13:48 EEST
November 24 (SeeNews) - Montenegro's government said it has approved a 40 million euro ($47.5 million) loan from the European Bank for Reconstruction and Development (EBRD) for road reconstruction projects.
The total value of the project amounts to 52.05 million euro, as 11.03 million euro will be provided by the Montenegrin government, while 1.015 million euro will be granted by the EBRD, the government said in a statement on Thursday.
The project will involve the reconstruction of a 20 km road connecting Rozaje to the Serbian border, the construction of two additional lanes at each of the 16 km Tivat-Jaz and the 15.5 km Podgorica-Danilovgrad roads, the government said.
In its Transition Report 2017-2018, published on Wednesday, the EBRD said Montenegro should take steps to improve the standard of regional roads and to strengthen the functioning of the regional energy market, as cross-border transport and energy links are crucial for further growth and investment.
($ = 0.8429 euro)
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