Serbian Railways and the European Bank for Reconstruction and Development agreed that EUR 30 million of previously approved loan for the rehabilitation of key sections of Corridor X, should be redirected towards the repair of the flood damaged rail infrastructure.
“Serbian Railways will immediately begin prepare all necessary documents for the repair of damaged lines, so that funds from the EBRD loan could be diverted to new projects. These funds will enable us to rebuild Corridor X, the Belgrade – Bar and Ruma – Šabac – Zvornik railway sections. On the Ruma – Zvornik route, due to the disruption of the rail freight traffic, we lose up to one million euros every day” stated Dragoljub Simonović, General Manager of Serbian Railways.
EBRD agreed that the loan to overhaul more than 100 kilometers of railway on Corridor 10 should be allocated in stages, so that that works on those sections for which project documentation is ready to begin as soon as possible.
In January 2012, EBRD offered Serbian Railways a sovereign-guaranteed loan of up to €95 million. The investment financed the rehabilitation of key sections of Corridor X, the main north-south route running through Serbia, which is also the country’s key regional link with its neighbours. Previously the EBRD provided €317 million to Serbian Railways for the modernisation of its rolling stock fleet and infrastructure, as well as to underpin the company’s restructuring