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Deadline for Settling Financial Issues of D1 Completion Extended
Friday 30 April 2010 Zoom in | Print page
Bratislava, April 30 (TASR) - The deadline for completing financial issues concerning the construction of selected stretches of the D1 motorway via public-private partnership (PPP) projects has been put back by 18 days, Transport Minster Lubomir Vazny said on Friday.
"I've agreed to extending the deadline for completing the financial aspects of the D1 motorway project to May 18, 2010. I made the decision after the funding was approved by the European Bank for Reconstruction and Development (EBRD) and after considering the fact that the approval of the D1's funding by 20 participating banks, including the European Investment Bank (EIB), is in its final stage," added Vazny.
According to the minister, under no circumstances is the respective contract per se altered, while the same is true for the completion of the construction work and the conditions for the state when repaying the loan.
"All commercial banks have kickstarted their approval processes, with half of them having already reached a positive conclusion. The remaining banks, including the EIB, are expected to come to make their decisions in the next few days," added Vazny.
EBRD is ready to contribute to the project with a loan of as much as €250 million. Negotiations with private financial houses are still pending.
The overall highway construction programme is projected to cost more than €4 billion, with Slovakia obliged to pay the contractor more than €9 billion for highway construction and maintenance over the course of 30 years.
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