Bechtel secures EUR 430 million loan backed by UKEF for highway project in Serbia
BELGRADE (Serbia), Oct. 19 (SeeNews) – US civil engineering firm Bechtel has announced that it has signed an agreement with UK Export Finance (UKEF) to secure a guaranteed loan of 430 million euros ($ 501 million) for the construction of the Morava Corridor, a 112 km highway in central Serbia, he said.
The UKEF-backed purchase credit facility will help Bechtel in its joint venture with Turkey’s Enka to create â¬ 150 million in value for the UK economy, by boosting investment in local communities and supporting jobs, Bechtel said in a statement Monday.
âWe are proud to partner with the Government of Serbia and UKEF in this transformational project and look forward to bringing energy and creativity to deliver this world-class highway in this strategically important part of the world. ‘Europe. We thank the government of Serbia for its engaging action throughout the funding process, âsaid Keith Hennessey, President of Bechtel Enterprises, the development and project finance arm of Bechtel.
Serbia signed a â¬ 745 million contract for the construction of the Morava Corridor Motorway with the Bechtel-Enka consortium in December 2019.
The four-lane road will have 88 bridges, 29 level crossings and 11 toll booths. The 112 km motorway will have three sections: Pojate-Krusevac, Krusevac-Adrani and Adrani-Mrcajevci. The Morava Corridor motorway will be linked to European transport corridors X and XI which connect Austria and Greece via Slovenia, Croatia and Macedonia; and to Italy and Romania via Montenegro.
($ = 0.85824 euros)