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€4 million of investments in Mamula

€4 million of investments in Mamula

Preparation works on Mamula Fortress, or island Lastavica, which is located at the beginning of Bay of Kotor, will be over by May.

Construction works will begin in the second quarter of this year. According to the information given by the investor, Orascom Hotels Management Mamula Montenegro, around €4 million will be invested.

Adaptation and extension of the port in Mirište were part of the plan and the investments will amount €160.000. Also, the work will be put in the provision of power supply and necessary connectors for the electricity.

Last year, preparation works for a tourism complex in Lastavica continued. To be more precise, it’s a five-star hotel-museum, which has already got the status of a facility of common interest.

Ever since the activities in this project began, €2,103 million were spent, mostly for the preparation of project documentation, equipment, preparation works, salaries for the employees and hiring consultants.

Company Orascom Development Holding, seated in Switzerland, signed in February of 2015 a contract with the Government for a 49-year long lease with the exclusive exploitation right.

“Investment obligation of the leaseholder amounts €15 million, and the deadline for the completion of works is 18 months from the day the works started. This project will also create 200 new jobs”.

This project is expected to bring €7,5 million of different revenues to the Government.


Source: CDM

€4 million of investments in Mamula


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