Azerbaijan Ready to Allocate Loan to Government of Montenegro

Azerbaijan is ready to give a loan to the Government of Montenegro in the amount of 175 million Euros for the implementation of a road project. This was announced on July 5, Azerbaijani media reported with reference to the information resources of Montenegro.

The report notes that the funds will be spent on construction of a road bridge over the Strait of Verige. The loan is allocated to the state enterprise Mongeput. The loan will be repaid within 15 years.

A source in the department of international credit and technical assistance of the Cabinet of Ministers told Turan that he does not have any information about these negotiations.

Note that the average depth of the strait Verige is 30 meters, and the width at the narrowest point is 300 meters. It is located in the Bay of Boka-Kotor. It is here that the Azerbaijani company is building a tourist complex Portnovi, in which about 500 million Euros has been invested. The investor is Azerbaijan Global Investments (AGI), which belongs to the company Azmont Investments established in Montenegro. The founders of AGI are three leading holding companies of Azerbaijan - Pasha Holding, Ata Holding and Synergy Group.

Recall that in 2012, Azerbaijan allocated a loan to the Government of Serbia in the amount of 300 million Euros, maturing 15 years, for the construction of the road.

A state loan was also given to the Government of Georgia for the construction of the railway line Baku-Tbilisi-Kars.  ---08B