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Transport Ministry Will Have to Reopen Negotiations to Fund Motorways
Thursday 27 May 2010 Zoom in | Print page
Bratislava, May 27 (TASR) - Slovakia's Transport Ministry has said that it had to adjourn talks earlier on Thursday with the European Commission to arrange for the funding of building part of the D1 motorway via public private partnership (PPP) projects because of as-yet unspecified objections from the European Commission.
The new date for negotiations has tentatively been set for June 11.
"In recent days we were in expert negotiations in which we submitted building plans for the Turany-Hubova stretch. The Commission hasn't yet clarified objections ... We're ready for further negotiations," said Minister Lubomir Vazny.
The ministry needs the European Commission's endorsement of motorway projects worth a total of €4 billion in order to have the European Investment Bank (EIB) lend €1 billion. Several commercial banks should then bankroll the construction. Slovakia will then proceed to pay more than €9 billion to contractors for construction and maintenance over three decades.
The European Bank for Reconstruction and Development has pledged to lend €250 million.
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