At a press conference following the signing, Ilic specified that the construction, to begin on Monday, will be financed by the Serbian government with funds from the National Investment Plan.
He said the bridge will be built by Intermost company from Serbia, adding that the deadline for the completion of works is 330 days.
Ilic said this investment will enable better and faster connections between Serbia and Republika Srpska since there have been many delays and "black spots" on this road in the past.
He announced that the Serbian government will also invest in the construction of a bridge near Ljubovija and Bratunac, so that links between Serbia and Republika Srpska will be even better.
General Director of the public company Putevi Srbije Branko Jocic also signed a contract today regarding the works on the Sremska Raca bridge with the best bidder at the tender, the consortium comprising Freyssinet International & CIE and Intermost.
On behalf of the consortium, the contract was signed by Intermost General Director Rene Milosevic.
Jocic specified that the contract is worth around RSD 616 million, whereas with taxes included the costs of these works will amount to around RSD 726 million.
He recalled that the funds provided from the National Investment Plan will cover around 60% of the costs, adding that the remaining portion of the money will be secured by "extending" the National Investment Plan or it will be provided by Putevi Srbije.
The Sremska Raca bridge will be 400 metres long, 10.9 metres wide and will consist of two automobile lanes and one pedestrian lane, said Jocic and added that the accession road to the bridge (M–18) will be constructed by Srem-Put from Ruma, whereas subcontractors will be larger construction companies from Serbia.
According to Jocic, the entire project will most likely cost around €11.5.