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Serbian Railways Property in Kosovo Worth EUR 206mn

19. February 2007. | 11:18 18:36

The bookkeeping value of the Serbian Railways property in the UN-run southern Serbian province of Kosovo stands at EUR 206.6mn, or 7.81 percent of a total value of the Serbian Railways’ whole base assets, according to that company’s Kosovo coordinator Dra
Tadic added that the true market value of the company’s Kosovo-based assets was much higher and that the UNMIK administration in the province was organizing railway traffic using infrastructure 100 percent owned by the Serbian Railways, as well as 99 percent of vehicles belonging to the company. Although not being in charge of management of its Kosovo property for the past eight years, Serbian Railways continue with payments of loans secured by the former Railway and Transport Organization of Pristina in the 1980’s. “There are two loans toward the World Bank worth US$ 33.2mn, while the one secured from the Paris Club amounts to 4.2mn Canadian dollars. We have met our obligations toward Eurofirm by the end of 2005, making a payment of CHF 1.6mn, while a further 5.5mn will be due by the end of this year. Participation and membership in international organizations cost a further EUR 200,000”, Tadic said.

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