SARAJEVO, July 23 (Hina) - A reply letter from Bosnia-Herzegovina's Council of Ministers, in effect accepting the first offer for the collection of initial funds required for the construction of Bosnia's section of the pan-European Vc
road corridor, was handed over to the Bosnian-Malaysian company Bosmal in Sarajevo on Wednesday.
SARAJEVO, July 23 (Hina) - A reply letter from Bosnia-Herzegovina's
Council of Ministers, in effect accepting the first offer for the
collection of initial funds required for the construction of
Bosnia's section of the pan-European Vc road corridor, was handed
over to the Bosnian-Malaysian company Bosmal in Sarajevo on
Wednesday. #L#
Transport and Communications Minister Branko Dokic, who gave the
document to Bosmal director Edin Sabanovic, said this marked the
start of a four-month time term during which the company is expected
to raise 300 million euros.
The said amount will be spent for the elaboration of a feasibility
study and other design documentation.
Minister Dokic stressed that talks with Bosmal in no way prevented
others from submitting their bids.
"The document of the Council of Ministers says that other
initiatives are not ruled out, pursuant to the law on concessions.
If there are other bids and if they are more favourable, they will
certainly be considered before our final agreement with Bosmal,"
the minister said alluding to the evident interest of Croatia in the
construction of the Vc corridor.
The official added that Bosnia was definitely planning to continue
its good cooperation with Croatia, regardless of what the media
wrote on the matter.
"With this act we have offered Bosmal a chance to create conditions
so that in four months' time we can talk about an agreement on
concessions," Dokic said, explaining that the ministerial
council's letter to the Bosmal management did not mean that
Sarajevo had taken any obligation or responsibility, while the
potential contractor took over a high risk.
In the coming period Bosmal has to gather a bank syndicate that will
be able to guarantee the financing of the entire projects,
estimated at some 2.5 billion euros.
The Bosnian section of the Vc corridor would be some 430 kilometres
long, and the entire construction is likely to take five to eight
years.
The Bosmal director said that in the coming four months all company
efforts would be directed into the conclusion of the initial
financial construction.
Malaysian Ambassador to Sarajevo Zakarija Sulong, who was present
when the document was handed over, said his government strongly
supported the project although it did not take part in private
companies' financial operations.
(hina) ms