December 21 (SeeNews) - Montenegro plans to borrow up to 180 million euro ($205.6 million) next year to finance the construction of the Bar-Boljare motorway, a government official said.
The amount is part of total borrowing of 370 million euro, to be used to finance state budget expenditure, capital investment and debt repayment, the director of the finance ministry's state treasury department, Dragan Darmanovic, said in a government press release on Thursday.
Montenegro may also borrow 250 million euro to refinance existing debt next year with guarantees from the World Bank, Darmanovic said.
China Road and Bridge Corporation (CRBC) will complete the construction of the first stretch of the Bar-Boljare motorway in Montenegro by the end of 2019, the chief supervisor of the project, Jovan Ivanovic, said in October.
The Bar-Boljare motorway is part of pan-European Corridor XI, a ferry/motorway corridor linking Italy's Bari to Romania's Bucharest via Montenegro's Bar port and Serbia's Belgrade.
($ = 0.875361 euro)