Serbia will borrow 431.6 million euros from JP Morgan Chase

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With the adoption of the law, the deputies will soon approve Serbia’s borrowing of 431.6 million euros.

This money will be used to pay part of the obligations towards the “Bechtel-Enka” consortium, the contractor on the Moravian Corridor.

The loan is approved by the bank JP Morgan Chase, for 13 years, with an interest rate of 0.5 percent per year, increased by six-month Euribor. The plan is to connect Pojate and Preljina through 112.37 kilometers of highway during 2024.

In “Corridors of Serbia”, which are the buyer according to the loan agreement, they note that the works on the Moravian Corridor have intensified during the last six months and are now progressing according to the established dynamics.

“Works on the construction of the highway route are being carried out on section one, from Pojat to Krusevac, at a total of 53 points. Earthworks are also being carried out on borrow pits and material dumps on section three, from Adran to Preljina, on the construction of nine bridges and overpasses and six culverts, as well as the work of relocating the existing communal infrastructure and hydro-technical arrangement of the West Morava,” they say in Corridors.

The issue of ownership over the plots has been resolved on the entire route of the future corridor. The process of land expropriation for all three sections, as well as for the regulation of the West Morava, has been completed. All solutions were made and the contractor’s entry into possession was ensured.

“The contractor, the company ‘Bechtel – Enka’, through a partnership with the National Employment Service, is trying to employ maximum domestic workers. Out of a total of 1,600 workers, 1,100 from Serbia have been hired for this project. Out of the total number of subcontractors, 90.5 percent consist of domestic companies, through a large number of contracts whose signing is under the jurisdiction of the consortium ‘Bechtel – Enka’,” they point out in Corridors.

Two meters wider

The construction of 117 major road facilities, 88 bridges and underpasses, as well as 29 overpasses are planned on the future Moravian Corridor. 11 traffic loops are planned. The highway is being built at a speed of 130 kilometers per hour, with a width of a total of 30 meters, almost two meters wider than other highways,” they point out in Corridors of Serbia, B92 reports.