This Agreement comes into force on the Effective Date and remains in full force and effect for as long as any amount is outstanding under this Agreement.

Notwithstanding the above, the obligations under Clauses 12.4 (Information - miscellaneous) and 15.9 (Confidentiality - Disclosure of information) shall survive and remain in full force and effect for a period of five years after the last Payment Date; the provisions of

Clause 11.6.2

(Environmental and social (ES) complaints-management) shall continue to have effect whilst any grievance lodged under the ES Complaints-Management Mechanism’s Rules of Procedure is still being processed or monitored. Executed in three (3) originals, one (1) for the Lender and two (2) for the Borrower in, in Belgrade (Republic of Serbia), on November 15, 2024.

BORROWER

REPUBLIC OF SERBIA

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Represented by:

Name: Mr. Siniša Mali

Capacity: First Deputy Prime Minister, Minister of Finance

LENDER

AGENCE FRANÇAISE DE DÉVELOPPEMENT

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Represented by:

Name: Mr. Arnaud Dauphin

Capacity: Director for the Western Balkans Regional office

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Co-signatory, His Excellency Mr. Pierre Cochard, Ambassador of the French

Republic to the Republic of Serbia