The European Bank for Reconstruction and Development (EBRD) has agreed to provide €85m of financing for the construction of ‘Peace Highway’ in Serbia.

The funding will be utilised for the construction of a 39km section between Niš and Pločnik in the south of Serbia.

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The new road will connect Niš and Priština, continue to Albania’s capital Tirana and end in Durrës on the Adriatic Sea.

The bank said that the ‘Peace Highway’ is classified as an extension of the Trans-European Transport Network (Orient/East Mediterranean corridor) and is said to be a part of Route 7 of the Western Balkans core network.

The European Investment Bank (EIB) is also co-financing the project by providing €100m loan and European Union (EU) is providing €40.6m investment grant and funding for the project preparation through the Western Balkans Investment Framework.

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EBRD believes that improved infrastructure is also expected to create more economic opportunities.

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Additionally, the road also helps to improve regional economic cooperation between Albania, Kosovo and Serbia.

EBRD Regional Western Balkans director Zsuzsanna Hargitai said: “Following our successful cooperation with the Serbian authorities on transport projects including Corridor X, the Belgrade Airport concession and Serbian Railways we are pleased that we can now contribute to the construction of this new highway in the south of the country.

“It is an investment to develop the common regional market in the Western Balkans and facilitate trade and the movement of people.

“The open competitive tender for procurement of works for the first road section is expected to be launched soon in December.”

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EBRD supports construction of “Peace Highway” in the Western Balkans. (Credit: European Bank for Reconstruction and Development.)