The Foreign Ministers of the Black Sea Cooperation Organization (OCEMN) were to sign an understanding agreement for the construction of a highway designed to circle the Black Sea. The signing was scheduled for Thursday, in Belgrade.

The project, submitted by Russia, involves the construction of over 7,000 kilometers of highway, connecting Turkey, Georgia, Russia, Ukraine, Moldova, Romania and Georgia.

The financing for the project will come from the national budgets of all member states and loans provided by the European Investments Bank, the European Reconstruction and Development Bank and the Black Sea Bank.