site.btaSerbia's Parliament Approves EUR 1.9 Bln Loan from French Banks to Finance Purchase of 12 Rafale Fighter Jets

Serbia’s Parliament Tuesday approved a EUR 1.9 billion loan from several French banks to finance the purchase of 12 Rafale fighter jets, Serbian media reported.

In August 2024, Serbia agreed to purchase nine single-seat and three two-seat fighter jets for a total of EUR 2.7 billion to replace its aging fleet of Russian MiGs.

According to the bill, EUR 823.5 million have been paid in advance. The remaining amount will be financed through “a group of French banks and lending institutions.”

“Our goal is to improve and fully modernize our air force and armed forces as part of a broader modernization programme. This is the largest investment in the Serbian armed forces so far,” Finance Minister Sinisa Mali told Parliament last week.

Serbia expects to receive the first Rafale fighter jet in early 2028.

Subsequent deliveries will continue at a pace of one aircraft per month until the full order is completed, Mali added.

Serbia has 57 months from the contract signing to complete the purchase. The loan repayment will span seven years and be made in 14 semi-annual installments, according to the bill cited by Serbian website Vreme.

The contract for the purchase of the 12 Rafale multirole fighter jets was signed during French President Emmanuel Macron's visit to Serbia last August.