Serbian Minister of Capital Investment Velimir Ilic and Montenegrin Minister of Maritime Affairs and Transport Andrija Lompar signed the Memorandum on behalf of Serbia-Montenegro.
The Memorandum was also signed by transport ministers of other western Balkan countries - Albania, Macedonia, Bosnia-Herzegovina and Croatia. On behalf of the European Commission, the Memorandum was signed by Commissioner Loyola de Palacio.
Minister Ilic said that the Memorandum is very important for Serbia, since it will encourage the realisation of major transport projects. Ilic added that it is also important that Belgrade will become the regional centre of the southeast European transport network.
The Memorandum contains 17 high priority projects, which include reconstruction of the Zezelj bridge near Novi Sad and the Pancevo bridge, and a part of the highway between Subotica and Novi Sad.
The Minister of Capital Investment said that he submitted several more projects in Luxembourg, such as the relocation of the Belgrade railway station and construction of the Belgrade ring-road. He added that it is possible that these projects be included in priorities as well.
The European Investment Bank and the European Bank for Reconstruction and Development will finance the major part of the realisation of the projects.
The project of the transport network of southeastern Europe consists of 4.300 kilometers of railways and 6,000 kilometers of roads, rivers of Danube and Sava, and modernisation of airports and ports in Rijeka, Split, Dubrovnik, Nis and Drac. The network will connect all western Balkan countries.
The total value of the project has been estimated at €16 billion. The Memorandum includes 17 high priority projects whose construction will cost €650 million.
The idea of connecting western Balkan countries by a transport network was launched in December 2002 at the European Union summit in Copenhagen. EU leaders promised to assist western Balkan counties as potential EU candidates. At the Copenhagen summit it was agreed that efficient transport is a precondition for free movement of people and goods and for boosting economic development. Efficient transport is also very important for improving regional cooperation, which is one of the EU's priorities.