Podgorica, (MINA-BUSINESS) – The Government has adopted an Information report on the implementation of activities related to the construction of a condo-model hotel-apartment complex in Tivat, which calls for urgent action due to the impending expiry of a bank guarantee.

The document requests immediate Government action, given that the existing bank guarantee expires on Friday and that the consortium implementing the project has not submitted a new one, despite requests from the relevant ministry.

At the beginning of April, the Ministry of Regional and Investment Development and Cooperation with NGOs sent a reminder to the consortium, comprising Podgorica-based ALK Montenegro and Tivat-based Sofir, to submit a new timeline with a revised completion deadline for the hotel.

The Ministry also requested a new bank guarantee, with a validity period extended by at least 30 days beyond the fulfillment of obligations set out in the new business and implementation plan.

“Given that the investor has not submitted a new bank guarantee despite the reminder, urgent Government action is required, as the current one is valid only until Friday,” the document states.