The European Investment Bank (EIB) has agreed to provide a €340m funding to accelerate the construction works on the northern part of Corridor Vc motorway project in Bosnia and Herzegovina.

The funding will be utilised for the construction of the 36-km section of road between Poprikuše and Medakovo on Corridor Vc.

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The motorway project is claimed to be the key connectivity infrastructure in the country, which is backed by funding from the European Union and the European Bank for Reconstruction and Development (EBRD).

EIB said that through the new financing it will continue to support the construction of the key route on the pan-European network that connects the port of Ploče in Croatia with Hungary via Bosnia and Herzegovina.

The bank has committed to provide more than €1bn for the construction of Corridor Vc, which is expected to ease traveling, improve road safety, functionality and mobility for nearly 1.5 million people.

EIB vice-president Lilyana Pavlova said: “Modern, safer roads and better transport connections are vital for economic development, fluent trade and regional cohesion, and can help attract new foreign investments.

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“This transaction will help create new job opportunities and support Bosnia and Herzegovina’s post-COVID-19 recovery and integration with the regional and EU market.”

In a separate development, the bank has agreed to provide €1.128bn funding to the Arab Republic of Egypt to support the rehabilitation and expansion of metro and tram systems in Alexandria and Cairo.

The funding will support three projects in the sector, the first investment will support the rehabilitation and extension of the existing 13.8 km-long El-Raml tram in Alexandria.

The second project is for the rehabilitation and upgrade of an underused 22 km-long urban railway in Alexandria into a high frequency metro (the Abu Qir Metro) and the third project will support the rehabilitation of the 23 km-long metro line 2 in Cairo.

The EIB funding contract will be signed in two tranches, where the first tranche of €600m has been signed while the second tranche of €528m is planned to be signed early next year.

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Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc. (Credit: ©WBIF)