Podgorica (MINA-BUSINESS) - A new silo to accommodate 10,000 tonnes of wheat will be built by July and ready to use by autumn, director of commercial and financial sector of Zitopromet grains trader from Spuz Novica Bulatovic said. Existing silo capacities of the company currently stand at 21,800 tonnes. With the new silo, Bulatovic said he expected the needs of the Montenegrin market for wheat flour to be met. The investment, worth a total of 1.7 million euros, is partially financed by the Montenegrin Commodity Reserve Agency and 17 percent of the funds are provided by Zitopromet. The company expects to soon complete talks on a new 7.0 million euro loan to construct and equip a new mill. Loan negotiations have been under way for the past two years and Bulatovic said he hoped a contract would soon be signed with an Italian partner. "A favourable loan for Zitopromet would be the one with a grace period of at least two years, when the investment starts to repay itself," Bulatovic said.