Podgorica (MINA-BUSINESS) – A reconstruction and modernisation of the railway line Podgorica-Niksic is expected to begin in autumn if by September an international tender for a loan and construction works is successfully completed, the Montenegrin Railways Zeljeznice Crne Gore said on Thursday. General Manager of the company Rajko Medenica told a press conference that the reconstruction plan, prepared 14 years ago, would cost around 57 million U.S. dollars. The works would be carried out on 56.4 kilometres of the railway line, built in 1948 and reconstructed 17 years later, Medenica said. The European Investment Bank and the Stability Pact for Southeast Europe rejected to finance the project because it was considered to be of local importance. Negotiations on the modernisation of the railway line have so far been led with companies from Italy, Hungary, the Czech Republic and Croatia. Trains currently travel at a speed of 30 kilometres per hour, which would triple after the modernisation works.