The Executive Board of the World Bank today approved a loan in the amount of 70 million euros (80.97 million US dollars) for Bosnia and Herzegovina, with the aim of improving traffic connections and modernizing road infrastructure, as key drivers of employment and economic growth.
The project is accompanied by a grant from the European Union in the amount of 8.5 million euros (9.99 million US dollars) through the Investment Framework for the Western Balkans (WBIF), which confirms the strong cooperation of international partners.
The road asset management improvement project will respond to the key needs of the road network in the Federation of Bosnia and Herzegovina.
Planned investments include the rehabilitation or improvement of around 150 kilometers of priority highways, in accordance with the highest standards of safety and resilience. Traffic safety will also be improved through the reconstruction of the Mostar North intersection, one of the most dangerous traffic points in the country, and through the funding of traffic calming measures, clearer signage and safer pedestrian crossings in around 20 school zones.
Additionally, the project will support the establishment of a traffic safety database.
– We are pleased to support BiH’s efforts to improve its road infrastructure in a way that increases safety, resilience and connectivity – said Christopher Sheldon, Head of the World Bank Office for BiH and Montenegro.
– Better roads create new opportunities, connecting people with jobs, markets and services, and helping the country progress towards EU standards – he added.
In addition to physical works, the project will also strengthen the planning and management of the road network, in order to ensure adequate infrastructure maintenance and more efficient use of public funds in the long term. The project also includes a component for emergency situations (Contingent Emergency Response Component), which enables the rapid redirection of funds to support the road sector in the event of a corresponding emergency situation.
The improvement of these priority roads, many of which are key daily traffic routes, will improve daily mobility and expand economic opportunities throughout the Federation of Bosnia and Herzegovina.
Rural areas, where poverty rates are higher and the population largely depends on agriculture, will especially benefit, thanks to better access to jobs, services and trade, the World Bank reported, reports Fena.
