In 2024, the Serbian Ministry of Finance recorded total receipts from domestic and foreign borrowings amounting to 62.53 billion dinars, according to the State Audit Institution’s (DRI) report on the Ministry’s final accounts. The vast majority—62.5 billion dinars—came from domestic borrowing, while foreign borrowing accounted for a much smaller sum of 23.4 million dinars.
Key domestic borrowing projects included the financing of the Belgrade EXPO 2027 project through the issuance of domestic securities totaling 42.39 billion dinars, sourced from long-term government securities. Additionally, loans amounting to 20.1 billion dinars were withdrawn from Bank Poštanska Štedionica for the construction of the National Football Stadium and its associated infrastructure. During 2024, tranches of 3.18 billion dinars were allocated for line infrastructure and 10.71 billion dinars for urban infrastructure and stadium construction. For the Karađorđeva-Danube slope tunnel link project, the state withdrew the first tranche of 4.97 billion dinars from a total approved loan of 24.89 billion dinars from the same bank.
Foreign borrowings totaled 23.4 million dinars and included loans from the French Development Agency amounting to 11.71 million dinars for the “Green Agenda,” as well as 11.71 million dinars from the International Bank for Reconstruction and Development (IBRD) aimed at improving public finance management for the green transition.
These figures emphasize the dominant role of domestic borrowing in financing Serbia’s major infrastructure projects during 2024.
