Germans to modernize Serbian Railways

DB International, the consulting and engineering company of German Railways, will be providing technical consulting services for Serbian Railways modernization projects financed with the proceeds of a Russian loan, Serbian Railways said in a release on Tuesday.

Experts of Germany's DB International have formed a project team and began their work this week.

Railway infrastructure modernization in Serbia is financed with the proceeds of a Russian state loan of USD 800 million.

Last year, Serbian Railways and RZD International signed an agreement on the Russian state loan of USD 800 million to be used to finance five railway infrastructure and rolling stock modernization projects in Serbia.

Serbia is going to contribute additional 15 percent of the loan amount, meaning that the total value of modernization projects is USD 941 million.