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Corridor 10 loan agreement signed
Belgrade,
13 July 2009
An agreement between the World Bank and Serbia concerning the loan for the Corridor 10 motorway project and another agreement between the World Bank and the Corridor 10 Company were signed today on behalf of the Republic of Serbia by Minister of Finance Diana Dragutinovic and on behalf of the World Bank by Head of the World Bank Office for Serbia Simon Gray.
Simon Gray, left, and Diana Dragutinovic
Following the signing of the agreements, Dragutinovic said that the loan will be provided under favourable conditions, with a repayment period of 20 years, a grace period of 8 years and a 0.05% interest rate.
She voiced her belief that Serbia will soon sign such agreements with the European Bank for Reconstruction and Development and the European Investment Bank.
Gray said that as soon as the Serbian parliament ratifies the agreements, work on Corridor 10 will start.
He pointed out that the Corridor 10 motorway project introduces a two-stage technical revision procedure, which will ensure that the money is spent as planned.
Gray explained that the construction of Corridor 10 will provide new jobs and enable faster, cheaper and more secure travel.
Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic, Minister of Infrastructure Milutin Mrkonjic, Assistant Minister of Finance Zoran Cirovic, Treasury Department Director Ivan Maricic and member of the Corridor 10 Company’s Management Board Jasenko Lazovic were present today at the signing of the agreements.
Minister Dinkic reiterated that Serbia will receive €1.2 billion of foreign loans for the construction of Corridor 10.
He said that the EIB will provide between €600 and €700 million, EBRD nearly €150 million, World Bank €275 million, whereas the Greek government will provide around €100 million through the Hellenic Plan.
He added that the deadline for the completion of Corridor 10 is two and a half years.
Minister of Infrastructure Milutin Mrkonjic announced that the funds will be available as of September 1.
The World Bank Board of Executive Directors approved on July 9 a loan of $388 million to Serbia for the Corridor 10 motorway, this being the biggest loan from this institution approved to Serbia, he said, noting that the funds will be used to build three sections of this pan-European corridor.
The project includes four parts, two sections toward the Macedonian border 31.6 km long, a section between Nis and Dimitrovgrad and 8.67 km of the Dimitrovgrad ring road.
She voiced her belief that Serbia will soon sign such agreements with the European Bank for Reconstruction and Development and the European Investment Bank.
Gray said that as soon as the Serbian parliament ratifies the agreements, work on Corridor 10 will start.
He pointed out that the Corridor 10 motorway project introduces a two-stage technical revision procedure, which will ensure that the money is spent as planned.
Gray explained that the construction of Corridor 10 will provide new jobs and enable faster, cheaper and more secure travel.
Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic, Minister of Infrastructure Milutin Mrkonjic, Assistant Minister of Finance Zoran Cirovic, Treasury Department Director Ivan Maricic and member of the Corridor 10 Company’s Management Board Jasenko Lazovic were present today at the signing of the agreements.
Minister Dinkic reiterated that Serbia will receive €1.2 billion of foreign loans for the construction of Corridor 10.
He said that the EIB will provide between €600 and €700 million, EBRD nearly €150 million, World Bank €275 million, whereas the Greek government will provide around €100 million through the Hellenic Plan.
He added that the deadline for the completion of Corridor 10 is two and a half years.
Minister of Infrastructure Milutin Mrkonjic announced that the funds will be available as of September 1.
The World Bank Board of Executive Directors approved on July 9 a loan of $388 million to Serbia for the Corridor 10 motorway, this being the biggest loan from this institution approved to Serbia, he said, noting that the funds will be used to build three sections of this pan-European corridor.
The project includes four parts, two sections toward the Macedonian border 31.6 km long, a section between Nis and Dimitrovgrad and 8.67 km of the Dimitrovgrad ring road.
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