Serbia to give guarantees for state Srbijagas company’s € 55 mil loan

Serbia to give guarantees for state Srbijagas company’s € 55 mil loan

Serbia to give guarantees for state Srbijagas company’s € 55 mil loan Izvor: N1

Serbia’s Government submitted to the Parliament a draft law on Monday on guarantees for 55 million Euro new loan the state-owned Srbijagas, natural gas provider, would take from three banks: Komercijalna, owned by Slovenian NLB, Hungarian OTP and Russian Sberbank.

The company will use the loan to finance the construction of the gas pipeline from the border with Bulgaria to boundaries with Hungary and other countries.

Last week, the Government also sent the Parliament a draft law for 70 million Euro guarantees for Serbijagas to three banks for the same purpose.

Both credits will be placed through the investments in the capital of the joint-stock company South Stream Serbia AG from Zurich.

The loans’ contracts envisage the credits will be paid back in Serbian Dinars equivalent with a foreign exchange clause, in six years with two years grace period with the annual interest rate from 2.12 to 2.34 percent.

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