Serbia borrows EUR 25mn from Kuwait for railway project

BELGRADE The Serbian government on Monday borrowed EUR 25mn from the Fund for Arab Economic Development (KFAED) - the money that will be used by Serbian Railways. The agreement was signed in Belgrade for the loan that will finance the construction of the Belgrade central railway station Prokop. Serbia borrows EUR 25mn from Kuwait for railway project The agreement on the guarantee between the Republic of Serbia and KFAED was signed by Director of Serbian Railways Milovan Markovic and KFAED General Director Abdulwahab Al-Bader. Serbian Prime Minister Ivica Dacic stated after the signing ceremony that this loan is just part of the funds necessary for completion of the Prokop project. He did not precise the deadlines for the completion of the project, stressing that it is in Serbia's interest to complete it as soon as possible, adding that the location of the Belgrade central railway station can be used in a much more profitable manner. The prime minister said that this loan was approved under very favorable conditions, with a fixed annual interest rate of three percent, reimbursement period of 18 years, and grace period of four years. This is only the first part of possible projects with Kuwait, as there are potentials for cooperation in the areas of agriculture, civil engineering and military industry, Dacic said. Dacic said that the scope of the Serbian-Kuwaiti trade is insignificant amounting to only a few million dollars, adding that it is Serbia's interest and desire to strongly develop the relations with Kuwait and other Arab countries. Al-Bader underlined that the Fund is working in many world countries which have difficulties in the economic development, and that he is happy to offer help to Serbia. Serbian Minister of Transport Milutin Mrkonjic recently said that the agreement between Serbia and Kuwait "would enable for construction of a very important part of the Prokop railway station, and complete the segment for passenger traffic." Works will resume at Prokop after a long delay in the spring of 2013, the minister also announced. The Prokop station, according Mrkonjic, will begin operating at full capacity after the segment has been completed. International main lines run through the Belgrade railway hub, of which Prokop is a part. They connect Paris to Istanbul, Budapest to Athens, and Bucharest to Bar. Milovan Markovic (R) and Abdulwahab Al-Bader (Tanjug) Tanjug

Serbia borrows EUR 25mn from Kuwait for railway project

The agreement on the guarantee between the Republic of Serbia and KFAED was signed by Director of Serbian Railways Milovan Marković and KFAED General Director Abdulwahab Al-Bader.

Serbian Prime Minister Ivica Dačić stated after the signing ceremony that this loan is just part of the funds necessary for completion of the Prokop project.

He did not precise the deadlines for the completion of the project, stressing that it is in Serbia's interest to complete it as soon as possible, adding that the location of the Belgrade central railway station can be used in a much more profitable manner.

The prime minister said that this loan was approved under very favorable conditions, with a fixed annual interest rate of three percent, reimbursement period of 18 years, and grace period of four years.

This is only the first part of possible projects with Kuwait, as there are potentials for cooperation in the areas of agriculture, civil engineering and military industry, Dačić said.

Dačić said that the scope of the Serbian-Kuwaiti trade is insignificant amounting to only a few million dollars, adding that it is Serbia's interest and desire to strongly develop the relations with Kuwait and other Arab countries.

Al-Bader underlined that the Fund is working in many world countries which have difficulties in the economic development, and that he is happy to offer help to Serbia.

Serbian Minister of Transport Milutin Mrkonjić recently said that the agreement between Serbia and Kuwait "would enable for construction of a very important part of the Prokop railway station, and complete the segment for passenger traffic."

Works will resume at Prokop after a long delay in the spring of 2013, the minister also announced. The Prokop station, according Mrkonjić, will begin operating at full capacity after the segment has been completed.

International main lines run through the Belgrade railway hub, of which Prokop is a part. They connect Paris to Istanbul, Budapest to Athens, and Bucharest to Bar.