Azvirt MMC, an Azeri construction company, began work on a highway section in central Serbia, supported by a 308 million-euro ($406.5 million) loan.
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The 40-kilometer (25 miles) stretch between the towns of Ljig and Preljina, part of a future highway running from Serbia’s northeastern border with Romania to the southwestern border with Montenegro on the Adriatic, is to be completed in three years, said Sanja Stavric, spokeswoman for Koridori Srbije, Serbia’s state-run road development company.
Azerbaijan’s parliament approved the 15-year loan on April 6, with a 4 percent annual interest rate and a 3-year grace period.
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