Following a mandate from the Serbian Ministry of Finance, J.P. Morgan has announced its role in supporting the essential 110km Morava Corridor, one of the largest ongoing infrastructure projects in the country.
The Morava motorway is essential to building the economic corridor to the industrial city of Kruševac, connecting it with important regional commercial centres of Sarajevo, Bosnia and Herzegovina and the port city of Bar, Montenegro.
This global collaboration was managed by Serbia’s Ministry of Construction, Transport and Infrastructure contracted an international joint venture between Bechtel Corporation (Bechtel) of the United States and Enka İnşaat ve Sanayi A.Ş. (Enka) of Turkey (operating as Bechtel ENKA UK Limited (BEJV)) to design and build this 110-km motorway from Pojate to Preljina in Serbia.
To assist in the financing of this project, J.P. Morgan acted as Mandated Lead Arranger, Agent and Lender for financing, supported by UK Export Finance (UK Export Credit Agency) and Multilateral Investment Guarantee Agency (World Bank Group), totalling more than €800 million.
Crucially, this financing offers a long-term, competitively priced, financing solution to the Ministry of Finance, highlighting J.P. Morgan’s strength in the Export & Agency finance sector.
This impactful project will benefit many of the people in Serbia whilst facilitating economic growth in the area. JP Morgan is proud to have been trusted by the Republic of Serbia to deliver the financing
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
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