Kuwait lends Serbia $32.5 million for rail project

Kuwait granted Serbia a $32.5 million loan for the construction of a railway station in Belgrade, an official from the Gulf country said.

Kuwaiti Ambassador Fawzi Abdulaziz Ahmed Al-Jasem told Serbia’s Tanjug newspaper in an interview published on Sunday that the loan will be used for the construction of the main railway station, Prokop, in Belgrade.

A Kuwaiti delegation is expected to arrive in Belgrade late November or early December to sign a second loan agreement, Al-Jasem said without specifying the amount.

Kuwait can loan Serbia for the third and fourth phases of the project if the Eastern European country needed more funding, he added.

The loan has a fixed annual interest rate of three percent, 18 years of reimbursement period, and four years grace period, Belgrade-based B92 website reported.

Al-Jasem said many Kuwaiti businessmen are heading to Serbia to find out more about business opportunities there.