Serbia to pay off loan received from Azerbaijan for road construction
BAKU, Azerbaijan, Dec. 4
Serbia plans to pay off Azerbaijan an outstanding loan debt of 170 million euro ($207 million) by early 2021, Serbian President Aleksandar Vucic said, Trend reports referring to Serbian media.
The president noted that the loan was received to build a road section 'Corridor 11'.
According to the Serbian president, paying off the 170 million euro debt will reduce the ratio of Serbia's public debt to gross domestic product (GDP) by 0.42 percentage points to 58.5 percent.
He specified that the debt will be paid off to Azerbaijan by the end of this year, or at the latest at the beginning of 2021.
Serbia received a loan worth 300 million euros from the Azerbaijani government for the construction of the Prelina-Ljig section 'Corridor 11' in 2012. Construction work was carried out by the Azerbaijani Azvirt LLC construction company.