Serbian FinMin signs three agreements with Saudi Arabia totalling 205 mln dollars

BELGRADE - Serbian First Deputy PM and Finance Minister Sinisa Mali and Saudi Fund for Development CEO Sultan bin Abdulrahman Al-Marshad signed on Wednesday in Belgrade financing agreements for three projects in Serbia totalling 205 mln dollars.

Under the deals, 65 mln dollars will go to the BIO4 campus project, 75 mln dollars has been secured for a programme aimed at boosting the irrigation infrastructure and the remaining 65 mln will go to Phase 1 of a project by Serbia's power grid operator EMS.

After the signing of the documents, Mali said the projects would be financed from a 20-year loan at an extremely low, fixed interest rate of 2.5 pct, which he said represented extremely favourable financial terms.

Mali thanked Al-Marshad for Saudi Arabia's trust in Serbia for this first step and said the agreements and successful project implementation would open the door to further cooperation between Serbia and Saudi Arabia.