Contract for Belgrade on water totaling EUR 3,5 billion signed - Project will last 30 years

In Belgrade, on Sunday, April 26, 2015, Contract on mutual investment in the Belgrade on water project, totaling some EUR 3.5 billion was signed. The contract was signed by the VP of the Government and the minister of construction, traffic and infrastructure, Zorana Mihajlovic, president of the Managing Board at "Eagle Hills" Mohammad Al Abar from UAE and the head at "Beograd na vodi" Aleksandar Trifunovic, and the ceremony was attended bt the mayor of Belgarde, Sinisa Mali.

"Eagle Hills" will provide EUR 300 m for funding Belgrade on water project in line with the signed contract with the Government of Serbia on mutual investment in the project.

According to the data delivered to media, Serbia will own 32% of capital at the company Belgrade on water and the UAE partner will have the remaining 68%

"Eagle Hills" as owner of "Belgrade Waterfront Capital Investment LLC", which is a partner to the Government of Serbia in the mutual company "Beograd na vodi", will provide EUR 150 m of capital and additional 150 m through the loan in the form of founder’s loan.

"Eagle Hills" will additionally approve a loan to Serbia of EUR 90 m for relocation of railway facilities from the Sava amphitheater as well as EUR 40 m for completion of land expropriation.

It is planned the project will last 30 years maximal, half of which must be completed in the first 20 years.

"Eagle Hills" accepted that the land for the Belgrade on water project is rented on 99 years so that land is not to be sold.