British media reported on Sunday (11), located in the Balkans, the Republic of Montenegro (Montenegro) earlier on the road project to China borrowed 1 billion U.S. dollars (about 7.8 billion Hong Kong dollars), but due to the deadline will not be able to repay the debt, recently to the EU for help. But the EU spokesman said on Monday (12), will not repay the third-party partner loans for Montenegro.
According to the Financial Times, the estimated cost of the road is US$23.8 million (about HK$185 million) per kilometer, which is considered one of the most expensive roads in the world. But once the project is completed, it will be the first highway in Montenegro, which can connect several countries in Central Europe and is of great importance to local development.
Reports indicate that the highway is built by China Road And Bridge Corporation (China Road And Bridge Corporation), Montenegro reached an agreement with the Export-Import Bank of China in 2014, on the project loan financing, but the debt will be due for repayment in July this year. If Montenegro defaults on the debt, China has the right to take Montenegro’s land as collateral.
Montenegro Finance Minister Spajic (Milojko Spajic) said earlier that the government in addition to the EU will seek the assistance of a number of institutions, including the European Investment Bank (European Investment Bank) and the European Bank for Reconstruction and Development (European Bank for Reconstruction and Development).
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