LONDON—Montenegro is weeks away from securing a deal to either swap or refinance with European and U.S. banks nearly $1 billion in debt owed to China, and hopes to reduce the interest rate on the debt to below 1 percent, Economy Minister Jakov Milatovic told Reuters.
Montenegro borrowed $944 million from China in 2014 to fund a 41-km (25-mile) stretch of road, which foes of then-Prime Minister Milo Djukanovic dubbed the “Road to Nowhere,” saying it typified waste under his rule, an accusation he denied.
