Serbia to receive USD400m loan from UAE’s development fund

28 Mar 2013

(MENAFN) Serbian finance minister, Mladjan Dinkic, stated that his country will receive a USD400 million loan from the UAE’s development fund, reported Arabian Business.

Of the total amount, around USD200 million will be earmarked for irrigation projects all over the country, whereas the rest will be assigned for favorable long-term loans for farmers to enable them to acquire agricultural equipment.

The Balkan country plans to develop and expand its agriculture sector, which accounted for 20 percent of Serbia’s exports last year, as it lacks modern irrigation systems and is highly affected by floods and droughts.

Dinkic added that Abu Dhabi’s Etihad airline could also become a long-term strategic partner of JAT Airways, through acquiring a 49-percent stake in Belgrade’s loss-making national carrier.

It is worth noting that Serbia eyes a 2-percent economic growth for 2013, following a contraction of nearly 1.9 percent last year.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more