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Serbia prematurely pays off loan debt to Azerbaijan for road construction project

12 January 2021 17:10 (UTC+04:00)
Serbia prematurely pays off loan debt to Azerbaijan for road construction project

By Trend

Serbia has repaid its debt to Azerbaijan in the amount of 172.7 million euro on a loan taken for the construction of the 11th Corridor highway (which will connect Serbia with Montenegro, Romania, and Italy) ahead of schedule, Serbian Finance Minister Sinisa Mali said, Trend reports on Jan.12 referring to the local media.

According to the media, the Serbian government paid off the debt via the proceeds from the sale of 83.23 percent of the shares of the major local bank Komercijalna Banka to the Slovenian Nova Ljubljanska Banka for 394.7 million euro.

“In this way, we have saved interests in the amount of 25.9 million euro for the citizens of Serbia, which they would have paid by 2027,” Mali said.

As reported, the country’s President Alexander Vucic stated that the debt repayment would reduce the public debt to GDP ratio by 0.42 percentage points, that is, to 58.5 percent.

Serbia received a loan of 300 million euros from the Azerbaijani government for the construction of the Prelina-Lig section of the 11th Corridor road in 2012. The construction work was carried out by the Azerbaijani construction company AzVirt.

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