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World Bank approves loan for Corridor 10
Washington/Belgrade,
9 July 2009
The World Bank today approved a $388 million loan to Serbia for the Corridor 10 motorway project. This is the biggest loan to be approved to Serbia by the World Bank up until now.
According to a statement by the World Bank, the three sections of the Corridor 10 motorway to be built will increase road safety and improve conditions in the transport sector.
Serbia’s road network is its biggest potential but the roads in their present condition do not meet European standards and the number of accidents and deaths due to traffic accidents is becoming a major social and economic burden for the country.
Task team leader Richard Martin Humphreys said that the construction of Corridor 10 will reduce the cost of goods transportation.
He said that the project will make faster and safer travel possible and will also improve living conditions for those residing along the highway. Serbia has recognised the integration of roads in the country into the main regional road network as a priority for economic and social development.
Head of the World Bank Office for Serbia Simon Gray said that in these difficult times the highway project will soon greatly help the Serbian economy.
This investment will create new jobs and will provide opportunities to Serbian building companies, said Gray.
Task team leader Richard Martin Humphreys said that the construction of Corridor 10 will reduce the cost of goods transportation.
He said that the project will make faster and safer travel possible and will also improve living conditions for those residing along the highway. Serbia has recognised the integration of roads in the country into the main regional road network as a priority for economic and social development.
Head of the World Bank Office for Serbia Simon Gray said that in these difficult times the highway project will soon greatly help the Serbian economy.
This investment will create new jobs and will provide opportunities to Serbian building companies, said Gray.
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