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BELGRADE (Serbia), November 19 (SeeNews) - Serbia's government signed on Tuesday a 467.5 million euro ($517.8 million) deal for the construction of the 77-km Ruma-Loznica motorway with Azerbaijan's civil engineering company Azvirt, the office of the Serbian president announced.
The project envisages the construction of a 22-km motorway between Ruma and Sabac, and a 55-km expressway from Sabac to Loznica, the office of president Aleksandar Vucic, who attended the signing ceremony, said in a statement.
The contract was signed by transport and infrastructure minister Zorana Mihajlovic and the head of Azvirt, Kamil Aliyev.
The Ruma-Sabac motorway, including a new, modern bridge on the Sava river, will be built in three years, Vucic said in the statement.
The Sabac-Loznica expressway will be completed by the end of 2023, he added.
The Serbian government has said the project is of major importance for the economic development of the western Macva district, which is bordering Bosnia and Herzegovina.
In September 2018, the transport ministry said that Azerbaijan's government had decided to extend a 210 million euro loan to Serbia to support the project's implementation.
($ = 0.902793 euro)