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Credit for railway modernization

05. May 2010.

Serbian Minister of economy Mladjan Dinkic and Czech Minister of industry and trade Vladimnir Tosovsky have signed a protocol on economic cooperation between the two countries.

‘The first project that our countries shall mutually work on is modernization and reconstruction of the railway on the Corridor 10 from Nis to Dimitrovgrad’, Dinkic said. For that purpose the Czech Export Bank shall grant to Serbian Government a credit of EUR 120 millions for electrification of that party of the railway.

According to Dinkic this is a very favorable credit with annual interest rate of 2.5 percent, 10-year repayment period and a grace period of one year.

The works shall be carried out by a consortium of the Serbian and Czech companies and are expected to begin in the third or fourth quarter of the year.

Dinkic and Tosovsky also talked about possibilities for new Czech investments in Serbia especially in the chemical industry.

Source: Blic