Serbia to borrow $1 billion from the United Arab Emirates

BELGRADE - The Serbian government intends to ask the Fund for the development of Abu Dhabi for a loan of about a 1 billion US dollars for budget support, with an interest rate of 2.25 percent per year.

The maturity period of the loan is 10 years, including a grace period of five years, while the repayment period is five years.

The draft law on Ratification of the Loan Agreement for the loan Serbia will take from the United Arab Emirates was submitted to the Parliament of Serbia and will be on agenda of the session scheduled for 25 October.

The loan agreement was signed on 4 October this year, and in the name of the Government signed by the First Deputy Prime Minister and Foreign Minister Ivica Dacic.

The agreement stipulates that the Government of Serbia takes loan from the Development of Abu Dhabi worth 3,367 billion UAE drhams (about one billion US dollars...