SARAJEVO (Bosnia and Herzegovina), November 22 (SeeNews) – Zeljeznice Republike Srpske [BANJ:ZERS-R-A], the railway operator of Bosnia's Serb Republic, said it has received the first tranche of a World Bank loan, to be used for the restructuring of the company.
The tranche of 26.5 million euro ($30.2 million) will be used for the payment of taxes and settlement of debt to employees, Zeljeznice Republike Srpske said in a statement earlier this week.
In March, the finance ministry of the Serb Republic said it signed a 51.3 million euro loan agreement with the World Bank in order to finance a project for restructuring of the entity's railways operator.
The loan repayment period is 32 years, including a seven-year grace, the finance ministry said back then.
The Serb Republic is one of the two entities that make up Bosnia and Herzegovina. The other is the Federation.
($ = 0.876324 euro)