Parliament ratifies Memorandum on Black Sea Ring Highway

On Friday, the Parliament ratified the Memorandum of Understanding on Coordinated Development of the Black Sea Ring Highway. With the act of ratification the parties commit themselves to joining efforts to build and develop the highway. The high capacity freeway will be built in compliance with the European standards and rules and will provide quality services that meet the modern traffic requirements, facilitating the region’s economic and social development. The highway will be about 7,000 km long, the main road and its branches will link major cities from 12 countries, including Moldova. The financing of the construction and renovation will be made from the national funds and budgets, as well as different private capitals. The EU funds and the loans from international banks could cover the remaining part of expenses. The Memorandum was signed in Belgrade on April 19 by the Governments of the Black Sea Economic Cooperation Organisation (BSЕC) member states.