Ministry, banks hold back from Stalexport highway plans

The Infrastructure Ministry has many times threatened Stalexport that it will cancel its concession for the second phase of the modernization of the Krakow-Katowice highway. As a result, the company decided to start work despite the fact that it has not received loans from banks. The investment, worth zl. 300 million has been greatly delayed, the financial schedule was supposed to have been prepared back in September 2000. Stalexport has serious financial problems which makes banks weary of the company. Banks are further reluctant to lend money as amendments are being made to the Highway Law. "We have decided to finance works partially from money received from toll charges. The cost of the first works scheduled is estimated at zl. 25.5 million," said Stalexport president Autostrada Malopolska Tomasz Niemczynski. (Puls Biznesu, pp. 1, 4) M.M.