Both due to the surge of the cost of construction materials and the war in Ukraine, construction company Merks has projects in which it has major difficulties to progress within the limits of previous costs detailed in contracts. All this causes major losses, says Merks board chairman Andris Bismeistars. He explained that last year there…
Political parties forming the government have conceptually agreed to initiate construction of a liquefied gas terminal (LNG) in Latvia, Prime Minister Krisjanis Karins has said at a press conference after a meeting of coalition parties. The PM said the Ministry of Economics was ordered to work with potential investors to assess who would build the…
Construction companies in Georgia will be offered a state package for long-term financing plans to boost the sector, Georgian Prime Minister Irakli Garibashvili announced on March 28. Announcing the initiative that would offer the developer companies new financing plans within the upcoming week, the PM said it was aimed at boosting economic growth. Additionally, a…
The Estonian Association of Construction Entrepreneurs has sent a letter to the Ministry of Finance in which it threatens to terminate public sector construction contracts signed before Russia’s invasion of Ukraine, if the state is not willing to pay more for ongoing projects. The address suggests current material prices make it impossible to finish the…
The Construction Cost Index in Georgia increased by 13.6% in the fourth quarter of 2021 compared to the same period of the previous year, the National Statistics Office of Georgia (Geostat) announced on March 24. The increase in construction cost was mainly influenced by price changes for the following groups: construction materials – 9.64%, wages…
Mayor of Tallinn Mihhail Kolvart (Center) wants to add a second underground floor to the capital’s future mega-hospital due to the changing security situation posed by Russia’s war in Ukraine. It would cost approximately EUR 47.4 million. Plans for a new mega-hospital with seven floors, six above ground and one below, have already been agreed…
One of the largest underground crossings in Chisinau is being repaired with financial help from Galati City Hall. Buiucani praetor’s office announced that the underground pedestrian passage of Ion Creanga street – bd. Stefan cel Mare si Sfant and Dimitrie Cantemir Square were undergoing repair today. The total cost of the works amounts to about…