EBRD approved a 60 million euros credit for the energetic purposes

The European bank for reconstruction and development (EBRD), approved today a 60 million euros credit to Serbia-Montenegro for the purpose of the extension of the surface mining complex „Tamnava zapad“ and the modernization of the Serbian Electric Industry telecommunications network.

The Minister for international economic cooperation of Serbia-Montenegro – Mr. Branko Lutovac, the Director of the EBRD Energetic department – Mr. Anthony Marsh, the Minister of finance and economy of the Serbian Government – Mr. Bozidar Djelic, and the Director General of the EPS (Serbian Electric Industry) – Mr. Ljubomir Geric, have signed the agreement on the mentioned credit, granted for a 15 years period.

Mr. Djelic said that this credit will mobilize some 120 million euros, because the future phases of the project implementation shall be additionally financed by the European investment bank and the German financial fund “Kfw”, in a total amount of 49 million euros. He also added that the Swiss Government granted a 10 million euros donation, and the European Union another one million euros for the realization of this project, while the Canadian Government provided the necessary consulting for the project preparation.

The Finance minister said that the counter-guarantees for this credit – granted with a four years grace period, will be assured by the Serbian Government, while the Finance ministry shall open a special purpose account for the EPS to transfer the funds for the credit payment.