Germany to approve EUR 120 million in loans

A German government official has announced that his country would approve loans and grants to Serba totaling EUR 120 million.

Izvor: Danas

Tuesday, 23.10.2012.

13:44

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BELGRADE A German government official has announced that his country would approve loans and grants to Serba totaling EUR 120 million. Leo Kreuz, head of the German Ministry for Economic Cooperation's Southeast Europe Department, told the Belgrade-based daily Danas that a Serbian delegation "acted very professionally" at the recently completed negotiations. Germany to approve EUR 120 million in loans According to Kreuz, an agreement was reached on German investments in the energy sector, specifically in the thermal power plants Nikola Tesla and Bajina Basta and assistance to electricity transmission company Elektromreza Srbije. The loan, totaling EUR 40 million, will be realized through KfW with a relatively favorable interest rate of 2.5 percent. The money will be used to modernize electricity transmission, he said. He said it was also agreed to continue several projects for the modernization of water supply in several municipalities, and noted that all loans and grants would total EUR 80 million. Germany has invested EUR 1.3 billion in Serbia in the last 12 years and the money was spent for its intended purposes, he added. Danas Tanjug

Germany to approve EUR 120 million in loans

According to Kreuz, an agreement was reached on German investments in the energy sector, specifically in the thermal power plants Nikola Tesla and Bajina Basta and assistance to electricity transmission company Elektromreža Srbije.

The loan, totaling EUR 40 million, will be realized through KfW with a relatively favorable interest rate of 2.5 percent. The money will be used to modernize electricity transmission, he said.

He said it was also agreed to continue several projects for the modernization of water supply in several municipalities, and noted that all loans and grants would total EUR 80 million.

Germany has invested EUR 1.3 billion in Serbia in the last 12 years and the money was spent for its intended purposes, he added.

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