LONDON—Montenegro is weeks away from securing a deal to either swap or refinance with European and U.S. banks nearly $1 billion in debt owed to China, and hopes to reduce the interest rate on the debt to below 1 percent, Economy Minister Jakov Milatovic told Reuters. Montenegro borrowed $944 million from China in 2014 to fund a 41-km (25-mile) stretch of road, which foes of then-Prime Minister Milo Djukanovic dubbed the “Road to Nowhere,” saying it typified waste under his rule, an accusation he denied. Prime Minister Zdravko Krivokapic, who came to power in December, is seeking to reduce the cost of the Chinese debt which has a 2 percent interest rate, and reduce currency risk as the loan is denominated in U.S. dollars, Milatovic said. “We are negotiating with a number of Western banks from Europe and the United States. We are for sure going to do it with …