RZD International, a subsidiary of Russian Railways (RZD) implementing overseas infrastructure projects of the holding company, and Serbian railway infrastructure manager Infrastruktura železnice Srbije have signed a memorandum on strategic partnership, following the Russian-Serbian meeting led by the Prime Ministers of the two countries, Dmitry Medvedev, and Aleksandar Vucic.
The document sets the procedures for the participation of Russian companies in railway transport and railway infrastructure projects on the territory of the Republic of Serbia e.g. the modenisation of the rail traffic control center in Belgrade, RZD International providing maintenance services for the existing railway infrastructure of Serbia, providing of specialized training in Russian universities to Serbian railway specialists.
In January 2013, an agreement on granting Russian state export credit to the Republic of Serbia for the modernisation of Serbian Railways was signed in Moscow. The total loan amount is $800 million, and the total cost of infrastructure projects is about $940 million. Serbia will finance about 15% of the work.