The Serbian Transport Ministry announced that authorities expect to reach an agreement with Russia next month on extending the deadline for the use of a $800 million loan for state-owned railway operator Zeleznice Srbije.
The two countries’ finance ministries will agree on the terms of the extension of the deadline before Russian prime minister Dmitry Medvedev’s visit to Belgrade scheduled for October.
Until now, Serbia has withdrawn approx. 40-45% of the total loan. The loan was granted in January 2013 for five years. The proceeds from the loan were earmarked for the upgrade of railway sections of pan-European transport Corridor X in Serbia, as well as for the modernisation of the Belgrade-Bar track, the Beograd-Pancevo track and the construction of the Valjevo-Loznica section.
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