Serbian Govt Approves USD 1B UAE Loan

World | March 6, 2014, Thursday // 14:51| Views: | Comments: 0

The government of Serbia approved unanimously the USD 1B loan from the United Arab Emirates late on Wednesday.

Owing to the loan, Serbia will save USD 40M annually, or approximately USD 400M over the period of ten years, Finance Minister Lazar Krstic pointed out, Serbian Tanjug reports.

The loan carries an interest rate of 2%, its repayment begins six months from the date of withdrawal and the grace period for principal repayment is ten years.

The money will be transferred to Serbia after the Serbian parliament ratifies the loan arrangement, probably at the beginning of the second quarter of 2014, Tanjug informs.

The loan arrangement with the UAE will enable Serbia to save around EUR 300M, Serbian First Deputy Prime Minister Aleksandar Vucic has said, noting that he expects at least part of the loan to be invested into production.

Finance Minister Krstic said that the best options for using the loan are being discussed, with particular consideration of refinancing some of the expensive loans, or at least repaying the principal of the loans.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: Serbia, UAE, loan, United Arab Emirates, Lazar Krstic, loan arrangement, Aleksandar Vucic
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria