Uvod
BUYER CREDIT FACILITY AGREEMENT
Among
THE REPUBLIC OF SERBIA
represented by the Government of the Republic of Serbia acting by and through the
Ministry of Finance Acting in its capacity as Borrower
Arranged by
BNP PARIBAS
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
SOCIETE GENERALE Acting in their capacity as Mandated Lead Arrangers
With
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK Acting in its capacity as Global Coordinating and Documentation Bank
And
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK Acting in its capacity as Facility and ECA Agent
And
SOCIETE GENERALE Acting in its capacity as Environmental and Social Agent and as Green Loan Coordinator
And
THE FINANCIAL INSTITUTIONS LISTED IN PART I OF SCHEDULE 1 Acting in their capacity as Original Lenders
27 March 2026
TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION .................................................................................................... 8
2. THE FACILITY ......................................................................................................................................... 29
3. PURPOSE ............................................................................................................................................... 31
4. CONDITIONS OF UTILISATION ............................................................................................................. 31
5. UTILISATION – IRREVOCABLE DIRECT PAYMENT ............................................................................. 34
6. REPAYMENT ........................................................................................................................................... 38
7. VOLUNTARY PREPAYMENT AND CANCELLATION ............................................................................. 38
8. MANDATORY PREPAYMENT ................................................................................................................ 39
9. RESTRICTIONS ...................................................................................................................................... 41
10. INTEREST ............................................................................................................................................... 42
11. INTEREST PERIODS .............................................................................................................................. 43
12. CHANGES TO THE CALCULATION OF INTEREST............................................................................... 44
13. FEES ........................................................................................................................................................ 46
14. ECA OVERRIDE, ECA INSURANCE PREMIUM, SUBROGATION ........................................................ 47
15. TAX GROSS UP AND INDEMNITIES ...................................................................................................... 49
16. INCREASED COSTS ............................................................................................................................... 54
17. OTHER INDEMNITIES ............................................................................................................................ 56
18. MITIGATION BY THE LENDERS ............................................................................................................ 58
19. COSTS AND EXPENSES ........................................................................................................................ 59
20. REPRESENTATIONS .............................................................................................................................. 59
21. INFORMATION UNDERTAKINGS........................................................................................................... 69
22. GENERAL UNDERTAKINGS .................................................................................................................. 73
23. EVENTS OF DEFAULT ........................................................................................................................... 83
24. CHANGES TO THE LENDERS ............................................................................................................... 88
25. ROLE OF THE FACILITY AND ECA AGENT, THE MANDATED LEAD ARRANGER, THE GLOBAL COORDINATING AND DOCUMENTATION BANK, THE ENVIRONMENTAL AND SOCIAL AGENT AND THE GREEN LOAN COORDINATOR .............................................................................................. 95
26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES ..................................................................... 106
27. SHARING AMONG THE FINANCE PARTIES ....................................................................................... 106
28. PAYMENT MECHANICS ....................................................................................................................... 108
29. SET-OFF ................................................................................................................................................ 111
30. NOTICES ............................................................................................................................................... 111
31. CALCULATIONS AND CERTIFICATES ................................................................................................ 113
32. PARTIAL INVALIDITY ............................................................................................................................ 114
33. REMEDIES, WAIVERS AND HARDSHIP, REPLACEMENT OF SCREEN RATE, TRANSFER BY THE BORROWER AND ANNULMENT .......................................................................................................... 114
34. CONFIDENTIALITY ............................................................................................................................... 116
35. CONFIDENTIALITY OF FUNDING RATES ........................................................................................... 122
36. GOVERNING LAW ................................................................................................................................ 124
37. JURISDICTION - ARBITRATION ........................................................................................................... 124
38. COMPLETE AGREEMENT .................................................................................................................... 126
ANNEXES
SCHEDULE 1. THE ORIGINAL LENDERS ......................................................................................................................... 130
SCHEDULE 2. CONDITIONS PRECEDENT ...................................................................................................................... 131
SCHEDULE 3. SELLER’S CERTIFICATE........................................................................................................................... 138
SCHEDULE 4. FORM OF UTILISATION REQUEST .......................................................................................................... 142
SCHEDULE 5. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE SELLER ................................... 145
SCHEDULE 6. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE EMPLOYER ............................. 147
SCHEDULE 7. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE BORROWER ........................... 149
SCHEDULE 8. FORM OF TRANSFER AGREEMENT ........................................................................................................ 150
SCHEDULE 9. CONTACT DETAILS................................................................................................................................... 153
SCHEDULE 10. FORM OF GREEN LOAN REPORT ........................................................................................................... 154 THIS AGREEMENT (the Agreement) is dated 27 March 2026 and made
BETWEEN:
(1) THE REPUBLIC OF SERBIA, represented by the Government of the Republic of Serbia acting by and through the Ministry of Finance as borrower
(the Borrower);
(2) CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the commercial and companies registry of Nanterre under number 304 187 701 RCS Nanterre, acting as global coordinating and documentation bank (the Global
Coordinating and Documentation Bank);
(3) BNP PARIBAS, a French société anonyme whose registered office is at 16, boulevard des Italiens, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 662 042 449 RCS Paris, acting as mandated lead arranger;
(4) CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the commercial and companies registry of Nanterre under number 304 187 701 RCS Nanterre, acting as mandated lead arranger;
(5) SOCIÉTÉ GÉNÉRALE, a French société anonyme whose registered office is at 29 boulevard Haussmann, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 552 120 222 RCS Paris, acting as mandated lead arranger;
(BNP Paribas, Crédit Agricole Corporate and Investment Bank and Société Générale, when acting as mandated lead arrangers, shall be together
referred to as the Mandated Lead Arrangers)
(6) CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the commercial and companies registry of Nanterre under number 304 187 701 RCS Nanterre, acting as Facility and ECA Agent (the Facility and ECA Agent);
(7) SOCIÉTÉ GÉNÉRALE, a French société anonyme whose registered office is at 29 boulevard Haussmann, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 552 120 222 RCS Paris, acting as environmental and social agent (the Environmental and
Social Agent);
(8) SOCIÉTÉ GÉNÉRALE, a French société anonyme whose registered office is at 29 boulevard Haussmann, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 552 120 222 RCS Paris, acting as green loan coordinator (the Green Loan Coordinator); and
(9) THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as Original Lenders (the Original Lenders).
WHEREAS
A. Commercial Contract
The REPUBLIC OF SERBIA, represented by the Government of the Republic of Serbia, acting by and through the Ministry of Construction, Transport and Infrastructure as financier (the Financier) and the City of Belgrade – The Secretariat for Public Transport and PUC “Belgrade Metro and Train” as employer have entered into a contract agreement signed on 19 December 2025 for the design and construction of the transport system for the Belgrade Metro Line 1 Phase 1, with ALSTOM Transport S.A., whose registered office is at 48 Rue Albert Dhalenne, 93400 Saint-Ouen-sur-Seine, France, registered with the commercial and companies registry of Bobigny under number 389 191 982 RCS Bobigny (the Seller) (the Contract Agreement referring to “ALSTOM Transport S.A.” and to “Ogranak ALSTOM Transport SA Beograd” as the “Contractor”), which includes as an integral part thereto
(together, the Commercial Contract):
(a)
the contract agreement signed on 19 December 2025 by the Financier, the Employer and the Seller (the Contract Agreement);
(b)
the letter of acceptance signed by the Employer on 28 November 2025;
(c)
the letter of tender signed by the Seller on 31 July 2025;
(d)
the Particular Conditions Part A Contract Data with Appendix no 1 Site Boundaries and Appendix no 2 Contract Price Adjustments;
(e)
the Particular Conditions Part B – Special Provisions with Appendix to PCC – Supply of Rolling Stock;
(f)
the General Conditions, FIDIC Conditions of Contract for Plant and Design-Build, for electrical & mechanical plant, and for building and engineering works, designed by the contractor, 2nd edition 2017, reprinted 2022 with amendments;
(g)
the Employer’s Requirements;
(h)
the Schedules to the Contract Agreement;
(i)
the Contractor’s signed Proposal, with Addendum to the Contractor’s Proposal;
(j)
the Reference Design; and
(k)
the Interface Protocol.
The total contract price of the equipment to be delivered and services to be performed by the Seller under the Commercial Contract amounts to EUR 915,743,274 (the Contract Basis Price), which may be increased for price adjustments in accordance with the terms of the Commercial Contract (the Contract Price Increases) and is payable as follows:
(i)
an advance payment equal to 15% of the Contract Basis Price, i.e. EUR 137,361,491 (the Advance Payment), which shall be paid by the Buyer through the own financial resources of the Republic of Serbia in two portions (a) a first portion in an amount equal to 15% of the Contract Basis Price relating to the off-shore part of the Commercial Contract, i.e. EUR 101,030,555 (the First Advance Payment) and (b) a second portion in an amount equal to 15% of the Contract Basis Price relating to the on-shore part of the Commercial Contract, i.e. EUR 36,330,936 (payable in an equivalent amount in Serbian dinar in accordance with the Commercial Contract) (the Second Advance Payment) and in accordance with the terms of the Commercial Contract; and
(ii) a portion of the Total Contract Price equal to a maximum amount of EUR 680,000,000 (i.e. a portion of 68.01% of the Total Contract Price, taking into account a maximum amount of Contract Price Increases eligible under the ECA Insurance Policy equal to 9.2% of the Contract Basis Price), which shall be partially paid by Utilisation under the Facility in accordance with the terms of this Agreement and partially paid by utilisation under the French Treasury Loan in accordance with the terms of the French Treasury Loan Agreement, and in accordance with the terms of the Commercial Contract, it being specified that such portion of the Total Contract Price shall be exclusively and solely paid in Euros to the Seller to the bank account opened in the name of Alstom Transport S.A. or Ogranak ALSTOM Transport SA Beograd (as applicable). Reference to the Facility and to the French Treasury Loan is made in the financial protocol signed on 19 December 2025, between the Government of the Republic of Serbia and the Government of the French Republic on the contribution to the financing of the phase 1 Belgrade metro project; and
(iii) the balance of the Total Contract Price shall be paid by the Buyer through the own financial resources of the Republic of Serbia in accordance with the terms of the Commercial Contract.
B. BPI AE Facility Agreement
The Parties have entered into this Agreement in order to record the terms and conditions upon and to which the Lenders have agreed, subject to the terms and conditions of this Agreement, to make available to the Borrower the Facility in the maximum aggregate principal amount of five hundred thirty million Euros (EUR 530,000,000), the proceeds of which are to be applied to finance a portion of the Total Contract Price not exceeding 53.01% of the Total Contract Price (taking into account a maximum amount of Contract Price Increases eligible under the ECA Insurance Policy equal to 9.2% of the Contract Basis Price). Subject to the terms and conditions of this Agreement, the Facility shall be made available by direct payments in Euros to the Seller for the payment of goods and services to be supplied and performed under the Commercial Contract. Such direct payments shall be made in Euros (i) to the bank account opened in the name of the Seller held in France with respect to invoices issued by the Seller and (ii) to the bank account opened in the name of the Seller’s Belgrade Branch held in the Republic of Serbia with respect to invoices issued by the Seller’s Belgrade Branch.
IT IS AGREED as follows: