Nov 26 China Pacific Construction Group (CPCG), the country's largest private builder by revenue, signed an 11 billion yuan ($1.72 billion) deal to build an expressway between Montenegro and Albania, the company said on Thursday.
Construction of the 280 kilometre link will begin in the second half of 2016 and complete in 2018, chairman Yan Jiehe told reporters at a briefing in Beijing.
The firm plans to use toll rights as collateral for the project, Yan said. Financing has yet to be finalised, he said.
CPCG's foray into Europe follows Beijing's encouragement of domestic firms to look overseas for business opportunities, the so-called "go out" policy.
The highway deal comes a day after a consortium led by China Railway Group (CRG) said it had been awarded a 10 billion yuan ($1.57 billion) contract to build the Hungarian section of a railway linking Budapest with Belgrade in Serbia, China's first high-speed rail win in the European Union.
Premier Li Keqiang said at a summit with central and eastern European leaders in the eastern Chinese city of Suzhou on Tuesday that China was willing to provide more flexible funding conditions to those countries to upgrade their infrastructure as long as they used Chinese equipment and products. ($1 = 6.3895 Chinese yuan renminbi) (Reporting by Winni Zhou and Nick Heath. Editing by Jane Merriman.