EBRD ready to finance construction of Corridor X railway route in Serbia

The European Bank for Reconstruction and Development (EBRD) stands ready to give financial assistance for construction of the Corridor 10 railway route running from Subotica to Novi Sad, and from Nis to Dimitrovgrad, ANSAmed reported.

This is what emerged in a meeting between the Bank's new director for Serbia, Matteo Patrone, and Serbian Minister of Transportation Milutin Mrkonjic.

- Around EUR 1 billion is needed for works on these sections. We are preparing necessary documentation, and I believe it will be completed within the next five months - Mrkonjic said.

The railroad between Subotica and Novi Sad, and between Nis and Dimitrovgrad, is single track, and the one towards Dimitrovgrad has not even been electrified, Mrkonjic told Tanjug news agency, underscoring that the Corridor 10 project required double track, electrified railways for mixed transport and train speeds of at least 160 km/h.

- 2013 and the following years will be marked by the modernization and reaffirmation of our railways - the transportation minister said.

Since 2001, the EBRD has committed nearly EUR 3.1 billion to Serbia, around EUR 825 million of which for transportation infrastructure, EUR 412 million for railways, and about EUR 380 million for roads.