Corrupt politicians have been systematically plundering public budgets and natural resources in the Western Balkans for years. Increasingly, international actors are also discovering an El Dorado.
Corrupt politicians have been systematically plundering public budgets and natural resources in the Western Balkans for years. Increasingly, international actors are also discovering an El Dorado for dubious investments in these countries.
As a new government settles into office in Podgorica, questions are once again being raised about the troubled Chinese project that has only resulted in a 41-kilometer section of road in eight years.
Montenegro Close to Deal on Lifting Chinese Debt Burden: Minister
09 Jul 2021, 07:35 GMT+10
LONDON - Montenegro is weeks away from securing a deal to either swap or refinance with European and U.S. banks nearly $1 billion in debt owed to China, and it hopes to reduce the interest rate on the debt to below 1%, Economy Minister Jakov Milatovic told Reuters.
Montenegro borrowed $944 million from China in 2014 to fund a 41-km (25-mile) stretch of road, which foes of then-Prime Minister Milo Djukanovic dubbed the Road to Nowhere, saying it typified waste under his rule, an accusation he denied.
Prime Minister Zdravko Krivokapic, who came to power in December, is seeking to reduce the cost of the Chinese debt, which has a 2% interest rate and reduce currency risk as the loan is denominated in U.S. dollars, Milatovic said.
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