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European Bank lends ECU 15 million to improve road network in Slovak Republic
A loan agreement in the amount of ECU 15 million to improve the condition of Slovakia's European road network serving regional and international transit traffic was signed today by Mario Sarcinelli, Vice President of the European Bank for Reconstruction and Development, and Julius Toth, Minister of Finance of the Slovak Republic.
Mr Sarcinelli said: "The project will facilitate road connections with neighbouring countries and will support regional integration within the Slovak Republic. It will also encourage the use of competitive tendering for road construction and rehabilitation works, thereby strengthening the development of private road contractors."
The project will provide for the removal of bottlenecks in the main road network and the resurfacing of about 300 km of roads which carry heavy traffic volumes, about 20 percent of which is international traffic. The routes include important east-west ones in northern Slovakia and a north-south route which links Poland and Hungary. Technical cooperation will be provided for institutional development including pre-investment studies, analysis of road user charges and implementation of an improved road maintenance planning system.
The total cost of the project is estimated at ECU 41.6 million. It will be financed by the European Bank, the European Investment Bank and the Slovak Road Administration.
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