Russia Okays USD 800 M Loan to Serbia

January 11, 2013, Friday // 02:17
Bulgaria: Russia Okays USD 800 M Loan to Serbia
Russian Finance Minister Anton Siluanov. Photo by

Russia signed an USD 800 M export credit deal with Serbia on Friday and is in talks over a possible USD 1 B loan to Belgrade in 2013 to stabilize its budget.

Russia will loan Serbia the USD 800 M as an export credit for modernization of Serbia's rail system.

"We have agreed to grant Serbia credit for developent of its infrastructure, primarily its rail system," Russian Finance Minister Anton Siluanov said, as cited by RIA Novosti.

The five-year credit will be granted at 4.1% annual interest.

"We agree to meet in a couple of weeks, because we need to work out with business our possible participation in privatizations in Serbia," Siluanov said in reference to the future billion loan talks.

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