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May 29, 2023 15:03 EEST
May 29 (SeeNews) - Serbia's government said it decided to issue guarantees for two bank loans in the total amount of 50 million euro ($53.6 million) in favour of state-run power distribution company Elektrodistribucija Srbije (EDS).
EDS will borrow 40 million euro from OTP Banka Srbija, part of Hungarian banking group OTP, and 10 million euro from Banca Intesa Beograd, the Serbian unit of Italian lender Intesa Sanpaolo, the government said in a statement last week.
Interest rates on the two loans are set at 4.94% and 4.95%, respectively, plus a variable part equal to the six-month EURIBOR, with interest payments due on a quarterly basis.
EDS will use the proceeds of the loans to finance the replacement of electricity poles and wires in the areas of Kraljevo, Nis and Kragujevac.
($ = 0.9334 euro)
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