Bajazit Jašarević, executive director of Bosnian utility Elektroprivrede Bosne i Hercegovine (EPBiH), announced that negotiations between EPBiH and the Export-Import Bank of China (Exim) are approaching its final phase, hoping to mark the beginning of construction in months time. The construction of the 450 MW Tuzla 7 unit should cost €722 million, 85% of which is debt, while the remaining 15% wll be equity provided by EPBiH. Debt repayment term is set at 20 years with a 5 year grace period. In order to ensure financing, EPBiH provided a government guarantee. Gezhouba Group Company Limited and Gunagdong Electric Power Design Institute consortium was selected as the preferred bidder for the construction project in 2014. According to Bosnian news outlets, European banks refused to offer financing for the new block, primarily due to environmental concers. As reported by Klix, the proposed technological solution does not meet EU emission standards.