Srbijavoz Borrows 264 Million Euros for 30 New Trains
State rail operator Srbijavoz takes a 263.87 million euro Deutsche Bank loan, backed by a sovereign guarantee, to buy 30 electric trains from Spain's CAF.
- Srbijavoz is borrowing 263.87 million euros from Deutsche Bank under a state guarantee.
- A further 5.5 billion dinars (about 46.9 million euros) comes from Banka Postanska Stedionica.
- The commercial contract with Spain's CAF is worth 310.44 million euros for 30 trains.
- The first train arrives 43 months, the last 58 months, after the advance payment.
Srbijavoz, Serbia’s state passenger rail operator, is taking on 263.87 million euros of debt from Deutsche Bank, backed by a sovereign guarantee issued by the Serbian government, to pay for 30 electric multiple units built by the Spanish manufacturer CAF. The commercial contract with CAF, signed on 19 March 2026, is worth 310.44 million euros and includes eight years of maintenance.
On top of the main loan, Srbijavoz is adding 5.5 billion dinars (around 46.9 million euros) from Banka Postanska Stedionica, closing the financing package for the purchase. It ranks among the largest single investments in the passenger rail fleet in recent years.
What the interest and repayment look like
The Deutsche Bank loan carries a floating rate tied to the six-month EURIBOR, plus a fixed margin of 0.75% a year. Repayment is spread over 17 years through 34 semi-annual instalments, stretching the debt across a longer horizon and easing the annual budget burden on the company.
The state guarantee means that, in the last resort, the repayment risk passes to public finances. The key terms of the borrowing are:
- Main loan amount: 263.87 million euros from Deutsche Bank
- Additional loan: 5.5 billion dinars (about 46.9 million euros) from Banka Postanska Stedionica
- Interest: six-month EURIBOR plus a 0.75% annual margin
- Repayment: 17 years, in 34 semi-annual instalments
- Value of the CAF contract: 310.44 million euros with eight years of maintenance
The total value of the commercial contract exceeds the main loan, which means part of the price for the units and the maintenance is covered by other sources, including the Postanska Stedionica loan and the company’s own funds.
Will the trains arrive in time for EXPO 2027?
The delivery schedule is what makes this purchase sensitive. Under the contract, the first train arrives 43 months, and the last 58 months, after the advance payment is made. That means the units enter service gradually, only a few years after the financing is locked in.
The trains intended for the BG Voz suburban network will not be delivered before the start of EXPO 2027 in Belgrade, raising the question of how much capacity commuter services will have to handle the expected influx of visitors during the exhibition.
The commercial contract with the Spanish firm CAF, signed on 19 March 2026, is worth a total of 310.44 million euros and covers the delivery of 30 electric multiple units with eight years of maintenance.
For Srbijavoz, the purchase means renewing an ageing fleet and lower maintenance costs over the coming decade, but also a multi-year repayment obligation linked to the movement of EURIBOR. For passengers on the BG Voz lines, the concrete effect depends on how quickly the units arrive and how they are deployed across the network.
Would you rather the new trains arrive as soon as possible, or that the state secured the lowest possible interest on this loan?
