Russia’s biggest bank, Sberbank, has issued an $88 million loan to Serbian state-run telecommunications company Telekom Srbija, Blic daily newspaper reported.
The announcement was made by the Russian bank after a visit by Russian President Vladimir Putin to Belgrade on Thursday.
The memorandum was initiated with a contract signed by the two companies in December 2018.
Sberbank’s Serbian subsidiary is one of the banks that participated in the lending to Telekom. Sberbank Group will lend a total of $88 million, of which Sberbank Srbija’s participation is $28.5 million, the company said.
This investment is part of the Telekom’s broader “Million Plus” campaign, implemented in order to reach over a million subscribers to its internet and multimedia services.
Telecom General Director Predrag Culibrk said the memorandum envisages improving investments that benefit both companies, but also Serbia’s and Russia’s economies, through the exchange of information, identification of investment projects and opportunities, and expert meetings.
On Thursday, the two countries signed a transport agreement worth $262 million, which includes electro-technical works on a railroad section, which is scheduled to be completed by the end of 2021. The agreement also implies the construction of a train control center in Serbia.
According to the country’s national television, Director General of Russian Railways International Sergey Pavlov and Director General of the Infrastructure of Serbian Railways Miroljub Jevtic signed the document.
