Completed Mixed AidData Chinese Aid

China Eximbank provides $217.4 million preferential buyer’s credit for Zemun-Borča Bridge and the Accompanying Roads Project

$217.4M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Serbia
Country	Serbia
Start Date	Jul 14, 2010
End Date	Jun 15, 2033
Duration	8,372 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`66981`

Grant Description

China Eximbank provides $217.4 million preferential buyer’s credit for Zemun-Borča Bridge and the Accompanying Roads Project On July 14, 2010, China Eximbank and the Government of the Republic of Serbia signed a preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK NO. PBC (2010) 20 Total 127] worth $217,400,000 for the Zemun-Borča Bridge and the Accompanying Roads Project.

The loan (PBC) carried the following borrowing terms: an interest rate of 3%, a 0% default (penalty) interest rate, a maturity of 18-years, a grace period of 3-years, a 0.75% commitment fee, and a 1% management fee.

The proceeds of the loan were to be used by the borrower to finance 85% of the cost of a $255 million commercial contract between the Ministry for National Investment Plan of the Republic of Serbia, the City of Belgrade, and China Road and Bridge Corporation (CRBC), which was signed on April 15, 2010.

The borrower made principal repayments worth approximately $16,055,000 in 2019, $16,055,000 in 2020, $16,055,000 in 2021, and $16,056,000 in 2022.

The loan’s (principal) amount outstanding was $168,583,000 as of December 31, 2018, $152,528,000 as of December 31, 2019, $136,472,000 as of December 31, 2020, $120,417,000 as of December 31, 2021, and $104,361,000 as of September 31, 2022.

The purpose of the project was to (a) construct a bridge over the Danube River in the city of Belgrade that is 1,482 meters in length, 29.1 meters in width, and 22.8 meters in height; and (b) construct 21.6 kilometers of supporting (“related auxiliary”) roads.

The expected duration of the construction period for the main bridge was 36 months, and the expected duration of the construction period for the supporting roads was 24 months. CRBC was the contractor responsible for implementation. However, up to 45% of the subcontractor jobs and materials used were Serbian.

On July 14, 2010, Wu Bangguo, then-Chairman of the Standing Committee of the National People's Congress, attended the bridge foundation stone laying ceremony. The project commenced on October 27, 2011. The main bridge was closed on January 22, 2014 and the main structure of the bridge was connected on July 14, 2014.

The bridge was renamed the Pupin Bridge on October 24, 2014 and it was officially inaugurated and opened to traffic on December 18, 2014 by the Prime Minister of the People's Republic of China, Li Keqiang. Upon completion, the travel time from Borča municipality to Zemun municipality was reduced to 10 minutes from 1 hour.

The bridge, which connects to the northern ring road of Belgrade, also alleviated traffic congestion in the city of Belgrade.

📋 Staff Comments

This project is also known as China-Serbia Friendship Bridge over the Danube River Project or the Pupin Bridge Project. The Chinese project title is 贝尔格莱德跨多瑙河大桥 or 塞尔维亚泽蒙-博尔察大桥. The Serbian project title is Пупинов мост or Projekat most Zemun - Borča sa pripadajućim saobraćajnicama.
The China Eximbank loan (PBC) agreement can be accessed in its entirety via https://docs.aiddata.org/ad4/pdfs/how_china_lends/SER_2010_445.pdf AND https://www.dropbox.com/scl/fi/k779cl9imrz860fvqrxso/Microsoft-Word-SER_2010_445.doc.pdf?rlkey=2p3m8qjm15vpxh28y9217h6ei&st=1q9b00lv&dl=03. The recorded value of loan changes from USD 217,400,000 to USD 216,750,000 from 02/2019 to 03/2019, and the value remains the latter amount in subsequent records. It is unclear whether a small portion of the loan was cancelled. Because there is no direct evidence that indicates it was cancelled, for the time being, AidData assumes the loan's original value still stands. This issue warrants more investigation.

📚 Sources & References

PREDLOG ZAKONA O POTVRĐIVANjU UGOVORA O ZAJMU ZA KREDIT ZA POVLAŠĆENOG KUPCA ZA PROJEKAT MOST ZEMUN - BORČA SA PRIPADAJUĆIM SAOBRAĆAJNICAMA
IZMEĐU VLADE REPUBLIKE SRBIJE KAO ZAJMOPRIMCA I KINESKE EXPORT - IMPORT BANKE KAO ZAJMODAVCA
驻塞尔维亚大使李满长出席跨多瑙河大桥合同附件四签字仪式
ANNEX VI TO THE COMMERCIAL CONTRACT DESIGN AND EXECUTION OF WORKS OF THE CONSTRUCTION OF THE ZEMUN-BORCA BRIDGE WITH THE ACCOMPANYNG ROADS Dated on April 15, 2010
As China Moves In
Serbia Reaps Benefits
With Strings Attached
Bulletin Public Finance
China
Serbia sign pact on building bridge over Danube
Chinese Infrastructure Investments in Serbia: Between Politics and Profit
Chinese PM In Serbia To Meet Central
Eastern Europe Leaders
COMMERCIAL CONTRACT DESIGN AND EXECUTION OF WORKS OF THE CONSTRUCTION OF THE ZEMUN- BORČA BRIDGE WITH THE ACCOMPANYING ROADS
Eximbank Road and Rail Projects.pdf
Fall 2018 Public Debt Report Government of Serbia.xlsx
Government of Serbia 2013 Bond Prospectus.pdf
GovernmentConcessional-Loan-PreferentialBuyer-sCredit-Brochure-pdf.pdf
Li Keqiang attends opening ceremony of Zemun-Borca Bridge in Serbia
Li
Serbian PM attend completion ceremony of Chinese-built bridge in Belgrade(2/5)
Monthly Report PDA - June, 2013
ONGOING PROJECTS
PREFERENTIAL BUYER CREDIT LOAN AGREEMENT On the Zemun-Borca Bridge and the Accompanying Roads Project
Public Finance Bulletin, 2018
Public Finance Bulletin, 2019
Public Finance Bulletin, 2020
Public Finance Bulletin, 2021
Public Finance Bulletin, 2022
Public Finance Bulletin, 2023
Public Finance Bulletin, 2024
Public Finance Bulletin
December 2018
Public Finance Bulletin
December 2019
Public Finance Bulletin
December 2020
Public Finance Bulletin
December 2021
Public Finance Bulletin
January 2018
Public Finance Bulletin
September 2022
Pupin Bridge: China's First Big Infrastructure Investment in Europe Source: http://defence.pk/threads/pupin-bridge-chinas-first-big-infrastructure-investment-in-europe.433053/#ixzz4Cth2FPV9
Quarterly Report 20180930 sh copy.xlsx
SERBIA AND CHINA: STRENGTHENING RELATIONS
BUT LITTLE SUBSTANCE
Serbia builds more bridges with China
Serbia Taps Loans From Russia
China
Serbia
China Build ‘Friendship Bridge’
Serbian economy minister says Chinese bank to grant loans for infrastructure
Serbian president
Chinese official lay cornerstone for 'bridge of friendship'
Serbs cut ribbon on Chinese-built bridge over Danube
The potential for growth through Chinese infrastructure investments in Central and South-Eastern Europe along the “Balkan Silk Road”
Trophy Infrastructure
Troublesome Debt: China Makes Inroads in Europe
UNECE International PPM Forum: Selected Successful BRI Projects
Zemun-Borca bridge to be completed by December 2014
Zemun-Borca Bridge with Accompanying Roads Project
Serbia, АНЕКС І УГОВОРА О ГРАЂЕЊУ / ПРОЈЕКТОВАЊЕ И ИЗВОЂЕЊЕ РАДОВА НА ИЗГРАДЊИ МОСТА ЗЕМУН – БОРЧА СА ПРИПАДАЈУЋИМ САОБРАЋАЈНИЦАМА од 15. априла 2010. године, АНЕКС ІІ УГОВОРА О ГРАЂЕЊУ / ПРОЈЕКТОВАЊЕ И ИЗВОЂЕЊЕ РАДОВА НА ИЗГРАДЊИ МОСТА ЗЕМУН БОРЧА СА ПРИПАДАЈУЋИМ САОБРАЋАЛНИЦАМА од 15. априла 2010. године, Изградња моста Земун-Борча са приоритетним саобраћајницама, Отворен Пупинов мост који спаја Земун и Борчу, Пупинов мост
中交集团承建塞尔维亚跨多瑙河大桥合龙
中国路桥塞尔维亚路桥项目建设纪实
中国驻塞尔维亚大使魏敬华出席跨多瑙河大桥项目商务合同签字仪式
中国驻塞尔维亚大使魏敬华出席跨多瑙河大桥项目商务合同签字仪式
代表中塞友谊的贝尔格莱德跨多瑙河大
塞尔维亚基本情况及我 “一带一路”倡议实施条件
塞尔维亚总统出席中塞友谊大桥合龙仪式
塞尔维亚拟向中国申请10亿欧元贷款
塞尔维亚泽蒙-博尔察大桥
塞尔维亚第一副总理视察贝尔格莱德多瑙河大桥工地
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重大项目 Major Projects
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驻塞尔维亚大使李满长出席贝尔格莱德跨多瑙河大桥全线通车仪式
驻塞尔维亚大使魏敬华出席中国路桥公司承建跨多瑙河大桥项目的初步协议签字仪式
驻塞尔维亚大使魏敬华出席中国路桥公司承建跨多瑙河大桥项目的初步协议签字仪式 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Government of Serbia

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