Serbia, Russia to ink agreement on USD 200mn budget support loan.

By bne IntelliNews April 7, 2010
An agreement on USD 200mn budget support that Russia is due to provide will be signed today, the finance ministry announced. The agreement will be inked by the Serbian finance minister Diana Dragutinovic and Russia s Deputy Finance Minister Dmitry Pankin. We recall that the USD 200mn budget support loan is part of USD 1bn in lending that Serbia sought from Russia in 2009. The remaining USD 800mn will be earmarked for financing large infrastructure projects in Serbia . The budget support loan will bear 6 month US dollar LIBOR interest rate plus 2.95%, finance ministry said. The loan features 2-year grace period and is due to be repaid by 2021, the ministry added. Russia agreed to provide USD 1bn loan to Serbia for financing budget gap and for key infrastructure projects. The loan has been agreed during the visit of Russian president Dmitry Medvedev to Belgrade . We note that the talks on the remainder of the loan concerning infrastructure projects have not been finalised yet. According to earlier reports, Serbia has proposed four railway projects that should be financed from infrastructure loan. 

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