The Belgrade-Niš section of the Railway Corridor X will receive EIB Global’s financing of up to €1.1 billion, of which €550 million has already been signed.
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All in all, the European Union is providing a €2.2 billion financing package to Serbia to give this important section of railway a much-needed upgrade that will enable travel speeds of up to 200 km/h between Belgrade and Niš.
The package consists of EU investment grants of up to €598 million (the largest EU grant for a single project in Serbia to date), a €1.1 billion EIB loan, as well as a loan of €550 million from the European Bank for Reconstruction and Development (EBRD).
The European Union has already approved grants worth €265 million, and today marked the signing of the first loan tranche for €82.8 million under the Western Balkans Investment Framework (WBIF).
Held on the train between Belgrade and Niš, the signing ceremony symbolically promoted the financial package.
It was attended by the European Commissioner for Neighbourhood and Enlargement Olivér Várhelyi and Serbian President Aleksandar Vučić, together with the EIB Head of the Regional Representation for the Western Balkans Alessandro Bragonzi, Matteo Colangeli, EBRD Director for the Western Balkans region, Serbian Ministers Tanja Miščević (European Integration), Goran Vesić (Construction, Transport and Infrastructure), Siniša Mali (Finance), as well as diplomats of EU member states.
The funds will enable a substantial upgrade of the railway infrastructure along the Belgrade-Niš section on Corridor X, including the construction of new bridges and tunnels.
This will permit travel at speeds of up to 200 km/h and improve Serbia’s connectivity to other European rail networks. It will facilitate faster freight transport services and reduce commuting time to both Niš and Belgrade.
Finally, as rail is a clean mode of transport, modernising the railway system will also contribute to a cleaner environment. ■
A low pressure wave forming along a cold front will track across the New England coast this morning, bringing a period of rain, heavy at times for much of New England, especially for Maine today.