06:56 GMT +313 December 2019
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    A man passes by a billboards reading 'Russia' , left and 'Serbia' in Belgrade, Serbia.

    Russia Prolongs Loan Term of $800-Mln Credit to Serbia Until 2021

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    Russia has prolonged the loan term for $800-million credit provided to Serbia in 2013 until 2021, a document published on Russia's legal information website said Tuesday.

    MOSCOW (Sputnik) — The document said that at the same time, the Serbian side should pay a 1-percent commission for the part of the loan that is not used by December 31, 2017 not later than by March 15, 2018. At the same time, Serbia would be obliged to pay a similar commission for the part of the loan that is not used by December 31, 2021 by March 15, 2022.

    "In order to continue development and strengthening of friendly relations, existing between the two countries and development of mutually beneficial cooperation," the document added.

    In January 2013, then-Serbian Minister of Finance and Economy Mladjan Dinkic and Russian Finance Minister Anton Siluanov signed an agreement to provide Belgrade with $800 million to help it to modernize Serbia's railways. The Serbian side was set to repay its debt within five years.

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