PHILADELPHIA and BELGRADE, Serbia(GLOBE NEWSWIRE) — Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has signed a contract extending the budget of its ongoing assignment providing technical assistance services to the European Investment Bank (EIB) for the implementation of the Infrastructure Project Facility 7 (IPF7) in the Western Balkans.
In 2018, Hill began leading a consortium of international companies in the implementation of the IPF7, financed by the European Commission / Directorate-General for Neighbourhood and Enlargement Negotiations. With a current budget of over €34.5 million, the project provides a much-needed mechanism to facilitate the realization of bankable infrastructure investments in the energy, environmental, social, and transportation sectors in Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia.
Specific services performed by the Hill-led consortium include feasibility studies, preliminary and detailed designs, tendering process support, preparatory sector studies, preparation of terms of references, and reporting to the Western Balkans Investment Framework—a regional organization supporting EU enlargement and socio-economic development in Western Balkans countries.
“With this extension, the portfolio of IPF7 allocated subprojects will reach 27,” says Hill Vice President and Managing Director for the Balkans Panayiotis Methenitis. “Of the total, 13 projects are in the vital, transportation sector. The other 14 subprojects are spread between the energy, environmental, and social sectors.”
Hill Chief Executive Officer Raouf Ghali says: “To take an infrastructure investment from a bright idea through to a fully operational and sustainable operation, on time and within budget, requires the highest quality analysis, planning, design, and supervision in execution. Fortunately, the consortium implementing the IPF7 consists of a unique blend of leading international companies and experts in infrastructure. We’re proud to be collaborating with such a qualified consortium to improve so many lives in the Western Balkans.”
About Hill International
Hill International, with approximately 2,700 professionals in more than 55 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.