Podgorica, (MINA-BUSINESS) – According to the non-governmental organization Social Justice Action (ASP), the cost of building the first motorway section between Smokovac and Matesevo, including construction and all related expenses, amounted to €1.28 billion by the beginning of this year.

In January, more than $39.1 million was paid to the China Exim Bank based on the loan for the construction of the first motorway section, $6.37 million of which was interest.

The NGO explained that instalments for the Chinese loan used to finance the construction of the first section of the Bar–Boljare motorway are paid twice a year, in January and June.

ASP recalled that in 2014 a $944 million loan agreement was signed with the Chinese state bank, which was hedged twice due to currency risk. 

The NGO added that slightly more than €62,000 was paid in January for services related to this arrangement provided by the Central Bank of Montenegro (CBCG).

“Separate ASP data show that, when that amount is included, nearly €750,000 has been paid to the CBCG since 2015 in connection with the project of building the first motorway section,” the NGO said in a press release.