July 7 (SeeNews) - United Arab Emirates-based company Metito signed a 25-year concession contract for the development, modernisation, and operation of a water treatment plant in Zrenjanin, northern Serbia, with a total planned investment of some 18 million euro ($18.35 million), the company said.
The project will be implemented by Pannonian Water, Metito’s project-specific company, it said in an emailed statement on Wednesday.
Serbia is the first market in Central and Southeast Europe in which Metito will invest a total of 50 million euro, the company's managing director Rami Ghandour said in the statement.
In 2020, Metito signed an agreement to invest 32 million euro ($32.61 million) in a wastewater treatment plant in Zrenjanin.
In parallel with Metito’s activities, the government will invest 510 million dinars ($4.43 million/4.34 million euro) in the rehabilitation of the water supply network and the replacement of asbestos pipes in Zrenjanin, state-owned agency Tanjug reported, quoting prime minister Ana Brnabic, who attended the signing ceremony.
Metito is a privately held company with key shareholders that include Mitsubishi Corporation, Mitsubishi Heavy Industries, and the International Finance Corporation, a member of the World Bank Group.
($ = 0.9811 euro)