Srbijavoz to also borrow from Deutsche Bank for purchase of 30 new CAF trains – State guarantees loan of EUR 263.9 million

The Government of Serbia has adopted the Draft Law on Confirmation of a Guarantee for a Credit Arrangement Worth Up to EUR 263.87 Million for Financing the Purchase of 30 New Electric Trains for the Urban-Suburban Railroad System.

The guarantee refers to a credit arrangement between the Republic of Serbia, represented by the Ministry of Finance, and Deutsche Bank, with the support of the Spanish Export Credit Agency CESCE. The loan will be used by Srbijavoz, and the funds are intended to finance 85% of the value of the commercial contract for the purchase of the trains.

As stated in the explanation, the existing fleet of electric trains in Serbia is largely technically outdated, with frequent breakdowns, delays and a reduced level of reliability. The government estimates that the existing capacities can no longer adequately meet the demands of the population, but also the needs of major international events, including EXPO 2027, for which a significant increase in the number of passengers is expected.

The commercial contract for the delivery of 30 electric multiple units was signed on March 19, 2026, with the Spanish company Construcciones y Auxiliar de Ferrocarriles (CAF), and its total value, together with the eight-year maintenance contract after the expiration of the warranty period, amounts to EUR 310.44 million.

According to the terms of the loan arrangement, the interest will be six-month EURIBOR increased by a fixed margin of 0.75% per annum. The repayment period is 17 years from the start of repayment, i.e. through 34 equal semi-annual installments.

The first electric multiple unit should be delivered 43 months from the advance payment, while the delivery period for the last train is 58 months.

The financial structure envisages that 85% of the project value will be financed from a loan covered by CESCE, while the remaining 15% will be provided by Srbijavoz from its own sources, i.e. a commercial loan.

As a reminder, the Government of Serbia has also adopted a bill providing a state guarantee for a loan of 5.5 billion dinars (approximately EUR 46.9 million) intended for the purchase of 30 new electric trains for the urban-suburban railroad system. This loan will be taken by Srbijavoz from Banka Postanska stedionica, and the Republic of Serbia will also guarantee its repayment.

I. Z.

Vlada Republike Srbije

Ministarstvo finansija Republike Srbije

Srbijavoz a.d. Beograd

Banka Poštanska štedionica a.d. Beograd

Government of Serbia

Ministry of Finance

Deutsche Bank

CESCE

Srbijavoz

Construcciones y Auxiliar de Ferrocarriles

CAF

Banka Poštanska štedionica

BG voz

procurement of trains for BG voz