Chinese Exim Bank

The first phase of Bar Boljare highway in Montenegro. Photo: Government of Montenegro

The Chinese loan for the first phase of Bar-Boljare highway has imposed a heavy burden on Montenegro's public finances.

Minister of Finance and Social Care Milojko Spajic said an arrangement was made with two unnamed US banks and one from France, converting the loan from US dollars to euros.

Montenegrin Minister of Finance Milojko Spaji, in a letter sent to the Chinese Exim Bank, which Pobjeda had an insight into, requested an extension of the availability of credit fund period, a grace period, and a three-year repayment period.  

The projects are part of a new infrastructure investment cycle: the Preljina-Pozega highway on Corridor 11 and the modernization and reconstruction of the Belgrade-Budapest highway section from Novi Sad to Subotica.

The Montenegrin government decided on Thursday to increase fuel prices to help repay a loan of almost 700 million euro for the construction of the Bar-Boljare highway. 

All types of fuel will rise by up to seven euro cents per litre but the government's statement did not specify when this would happen.

BELGRADE - The Third Meeting of Heads of Government of China and Central and Eastern European countries , which will open in Belgrade on Tuesday, will be an opportunity to promote bilateral and economic cooperation between participating countries.

Bulgarian Development Bank and The Export-Import Bank of China signed a cooperation agreement for investments promotion for Chinese and Bulgarian companies, Wednesday.

The agreement was signed in Beijing during the visit of the Bulgarian delegation to China, led by the Deputy Minister of Economy and Energy Krasin Dimitrov, the Ministry of Economy and Energy informed.