Loans for revamp of 1,100 km of roads ratified

BELGRADE - The Serbian parliament ratified on Thursday three international loans which will allow for a revamp of 1,100 km of roads in Serbia.

MPs passed the laws confirming the financial agreement between Serbia and the European Investment Bank (EIB) "Road Rehabilitation and Safety", and the loan agreement between Serbia and the International Bank for Reconstruction and Development (IBRD) for "Road Rehabilitation and Traffic Safety Improvement Project”.

The parliament also ratified the loan agreement between Serbia and the European Bank for Reconstruction and Development (EBRD) for “Road Rehabilitation and Traffic Safety Improvement Project”.

Zorana Mihajlovic, Serbia's minister of construction, transport and infrastructure, said on Tuesday that with the loans from the World Bank (WB), EIB and EBRD, Serbia will repair 1,100 km of roads.

Serbia will take part in the revamp with EUR 116.2 million or 29 percent of total funds next year, the EIB with EUR 100 million, the EBRD with EUR 100 million, and the WB with EUR 73.8 million.

The minister specified that 70 percent of roads in Serbia are in a bad condition, contrary to regional countries where up to 35 percent of road network is in a poor state.

Photo Tanjug Video