CDB pledges EUR 139.9 million loan for Belgrade Industrial Park Construction Project

📋 Staff Comments

1. The Serbian project title is пројекта „Српско-кинески индустријски парк Михајло Пупинˮ. The Chinese project title is 塞尔维亚中国工业园项目 or 塞尔维亚中国工业园.
2. According to a September 2023 interview conducted by AidData with a confidential source who has direct knowledge of the transaction, CDB is the lender and Serbian-Chinese Industrial Park Mihajlo Pupin d.o.o. is the borrower. During the same interview, AidData was informed that Serbia China Industrial Park Mihajlo Pupin d.o.o. (Српско-кинески индустријски парк Михајло Пупин д.о.о.) is a joint venture of Guangzhou CRBC Industrial Investment Co. Ltd (65% ownership stake) and the Government of the Republic of Serbia (35% ownership stake).
3. Some sources indicate that Serbian-Chinese Industrial Park Mihajlo Pupin d.o.o. was created (legally incorporated) on April 21, 2019, while others indicate that it was created in November 2019 or January 2020. This issue warrants further investigation.
4. Hunton Andrews Kurth LLP served as lead transaction counsel to China Road and Bridge Corporation.
5. The industrial park was developed in three phases. The first phase of the project is expected cover an area of around 60 hectares and include an international trade centre and an administration building as well as a one-stop service centre.
6. There are some indications that China Eximbank, ICBC, and Sinosure may also be supporting the project. See https://www.cas-expo.org.cn/en/newsDet.html?id=1566. This issue warrants further investigation.
7. The face value of the loan is referenced by the following source, which suggests that it may be issued during calendar year 2024: https://serbia-business.eu/chinese-loans-to-serbia-heavy-3-7-billion-euros/

📚 Sources & References

• Serbia
• China to set up JV for Belgrade industrial park construction in Nov
• Serbia
• China to start Belgrade industrial park construction in March 2020
• Serbia agrees major infrastructure deals with China, $3bn Economic Agreements Boost China’s Role in Serbia
• China's CRBC prepares to start building industrial park in Serbia
• Chinese Investment To Build Serbia's First Industrial Park
• Planting Seeds: How China is Setting Up Shop in This Small European Country
• China's ARTS Group to design industrial park in Belgrade - govt
• Roundup: Projects within B&R Initiative creates momentum to further deepen China-Serbia ties
• Six Years of ʼ16+1ʼFramework of Cooperation – in Between EU
• Expectations and Limitations1
• Five-year Outcome List of Cooperation Between China and Central and Eastern European Countries
• China to build industrial park in Belgrade's suburb
• China’s CRBC eyes new projects in Serbia
• Popovich signed an agreement with Luqiao to implement the industrial park project
• Chinese Industrial Park in Serbia
• Serbian Prime Minister Attends Investment Promotion Conference of Serbia-China Industrial Park
• 塞尔维亚中国工业园：中塞“一带一路”合作新亮点塞尔维亚中国工业园：中塞“一带一路”合作新亮点, 【一带一路】中国近10年来一直是塞尔维亚第二大投资国
• 关于中国路桥工程有限责任公司塞尔维亚项目的调研报告
• Hunton Andrews Kurth Advises on Commercial Close for Belgrade Industrial Park Project
• The SEE Legal Member Firms Worked on 7 of the Deals Shortlisted for the 2019 CEE Legal Matters Deal of the Year Awards
• Prica & Partners legal advisers to the Government of Serbia on construction of the first industrial park in Belgrade, РАНИ ЈАВНИ УВИД ПОВОДОМ ИЗРАДЕ ППППН ЗА РЕАЛИЗАЦИЈУ ПРОЈЕКТА „СРПСКО-КИНЕСКИ ИНДУСТРИЈСКИ ПАРК МИХАЈЛО ПУПИН', Утврђен просторни план за Српско-кинески индустријски парк
• Invitation for a web conference on the promotion of the project 'Serbian-Chinese Industrial Park Mihajlo Pupin', ЈАВНИ УВИД У НАЦРТ ПРОСТОРНОГ ПЛАНА ПОДРУЧЈА ПОСЕБНЕ НАМЕНЕ ЗА РЕАЛИЗАЦИЈУ ПРОЈЕКТА „СРПСКО-КИНЕСКИ ИНДУСТРИЈСКИ ПАРК МИХАЈЛО ПУПИН” И ИЗВЕШТАЈ О СТРАТЕШКОЈ ПРОЦЕНИ УТИЦАЈА ОВОГ ПЛАНА НА ЖИВОТНУ СРЕДИНУ, Извеснија градња индустријског парка у Борчи, ПРОТОКОЛ о сарадњи на развоју Српско-кинеског индустријског парка
• SERBIA CHINA INDUSTRIAL PARK MIHAJLO PUPIN D.O.O.
• SERBIA CHINA INDUSTRIAL PARK MIHAJLO PUPIN
• Vladimir Jovic - Legal Department Manager at Serbia China industrial park Mihajlo Pupin
• Serbia to open 50,000 jobs via China-backed industrial park - govt official
• 共建“一带一路”，中国信保这十年
• Serbia-China Industrial Park
• 驻塞尔维亚大使李明出席塞尔维亚中国工业园项目更新商业计划签约仪式
• 第八次中国一中东欧国家领导人会晤成果清单 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.