Serbian Railways Director General Milovan Markovic and President of Russian Railways Vladimir Yakunin signed in Moscow on Tuesday an agreement on realization of projects in the areas of construction and modernization of the rail traffic in Serbia.

The agreement envisages construction of new rail routes and reconstruction of the old ones, and the projects are expected to be launched late in 2012 after signing the Russian-Serbian agreements on interstate loans.

We have the total of five projects. Two are related to construction of new railroads, while the other ones are related to modernization and reconstruction of the current infrastructure, including around 400 kilometers of rails. The final deadline for completion of works is five years, Yakunin said after the signing ceremony.