Serbia borrows 1.9 billion euros from French banks for Rafale jets
BELGRADE: The Serbian Parliament on Monday voted to allow the state to borrow 1.9 billion euros ($2.2 billion) from several French banks to finance the purchase of 12 Rafale fighter jets.
Belgrade last August agreed to buy twelve Rafale aircraft - nine single-seat and three two-seat models - for 2.7 billion euros to replace its ageing fleet of Russian MiGs.
According to the legislation approved Monday, 823.5 million euros has already been paid as an advance and Serbia will borrow the remaining amount 'from a group of French banks and credit institutions.'
The adopted law names Bred Banque Populaire (163.3 million euros), Credit Agricole (345.87 million euros), Credit Industriel et Commercial (345.87 million euros), Credit Lyonnais (163.3 million euros), Societe Generale (422.73 million euros), and Natixis (480.37 million series).
'Our aim is to fully enhance and modernise our aviation and military, as part of a broader modernisation effort and the largest investment ever in the Serbian armed forces,' Finance Minister Sinisa Mali told Parliament last Tuesday, at the beginning of the session.
He said Serbia expects to receive the first Rafale at the beginning of 2028.
'From then on, one jet will arrive each month until the full delivery is completed,' he added.
The Rafale purchase agreement was agreed as part of French President Emmanuel Macron's visit to Serbia in August 2024.
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