Serbia gets EUR 273.8 million for road network rehabilitation - Finance Ministry signs loan agreements with EBRD, EIB and World Bank

Serbia obtained a total of EUR 273.8 million in loans from international banks on Wednesday for the rehabilitation and better safety of the national road network, the creditors said in a release.

According to that release, the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and the World Bank signed Wednesday in Belgrade three loan agreements totalling EUR 273.8 million with the Serbian Ministry of Finance.

The project will involve the rehabilitation of about 1,100 km of major roads throughout Serbia over the next five years, and it will be implemented by the public company Putevi Srbije.

The total cost is estimated at EUR 390 million, of which EUR 367 million will be spent on rehabilitation works and EUR 23 million on services including detailed design, institutional strengthening and technical assistance.

The EBRD and the EIB have granted a EUR 100 million each, the World Bank has extended a loan of EUR 73.8 million, whereas the Serbian government will contribute EUR 116.2 million for this project.