April 12 (SeeNews) - Serbia expects to sign a $1 billion (884 million euro) loan deal with China to finance the reconstruction of Serbian railway network on April 25, finance minister Sinisa Mali has said.
The agreement will be signed during the meeting of Serbian president Aleksandar Vucic with his Chinese counterpart Xi Jinping in Beijing, Mali said in a video file posted on the website of news agency Tanjug on Thursday.
The proceeds of the loan will be used to finance works on the Novi Sad-Subotica section of the railway line linking Belgrade with the Hungarian capital Budapest.
"We are committed to investing in our infrastructure, in order to improve the business climate in the country," Mali said during a conference of the Serbian-German chamber of commerce in Belgrade.
Serbia launched the project for the overhaul of the Belgrade-Stara Pazova section of the railway line connecting Belgrade to Budapest in November 2017. The overhaul represents the first cross-border project carried out by Serbia, Hungary and China in the framework of the China-Central and Eastern European Countries (CEEC) cooperation initiative.
($ = 0.884427 euro)