PODGORICA — A European financial institution is prepared to help refinance Montenegro’s $1 billion debt to China, which the Balkan country incurred over a controversial highway project.
Montenegrin Finance Minister Milojko Spajic said the low-interest credit from the financial institution will allow the cash-strapped government make savings and cut interest rates. He also told a session of the parliamentary Finance and Budget Committee on June 17 that a nondisclosure agreement prevented him from revealing the lender, but that talks were “in the final phase.”
A European Union source told RFE/RL that an agreement on providing credit is in the process of being finalized and, once finished, will be signed by European Commission President Ur…
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