Thermal Power Plants and Mines Kostolac, a unit of Serbian power monopoly Elektroprivreda Srbije JP, signed a contract for a $344.6 million loan, the first phase of financing its upgrade, Beta news agency said.
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Upgrades, which will take 30 months, are due to start in the first half of 2012, Beta said, adding that the contract was signed between Serbia’s Energy and Infrastructure Minister Milutin Mrkonjic and Zhang Wanxue, the Chinese ambassador to Serbia. Eighty-five percent of the funds will be soft loans from Export-Import Bank of China (EIBCZ), its state export credit agency, it said.
Source bloomberg.com
