January 2026
Deutsche Bank closes €178m Sinosure-covered ECA financing to support
Belgrade Metro Line 1 depot
On 30 December 2025, Deutsche Bank achieved financial close for a 13-year tenor €178,382,740 structured trade and export finance transaction with the Ministry of Finance for the Republic of Serbia for the construction of a depot for the Belgrade Metro Line 1, which is the first ever metro in Serbia.
The deal was signed on 20 September 2024 and the bank acted as sole mandated lead arranger, sole lender and agent with 95% export credit agency cover from Sinosure, the Chinese export credit agency. The transaction has been classified as sustainable financing, supporting construction of depot for a fully electrified rail network.
Background to the transaction
Located in Southeast and Central Europe, Serbia has demonstrated robust economic growth over the past decade – with 2024 coming in at 3.8%, ahead of the world’s 177 country average of 3.2% (including Covid-related contraction and bounce-back).1
This progress has been most pronounced in Belgrade, the country’s capital, which has attracted a significant influx of jobseekers from across the country and abroad. The resulting rapid urbanisation and population increase have placed considerable strain on infrastructure, particularly in transportation.
Recognising these challenges, the Government of the Republic of Serbia has been working on several key infrastructure projects for the country; notably in clean transportation sector, with a target to resolve the acute traffic congestion problem arising from an increasing density of residents.
In early 2021, the Ministry of Finance of the Republic of Serbia launched a request for proposal for financing of the construction of a depot for the Belgrade Metro Line 1 (the project), seeking competitive financing source.
“Deutsche Bank has a long-standing relationship with the Serbian Government on the ground”
The depot, located in the Makis area of the capital, is for storing the rolling stock, train carriages and locomotives that will operate in the Belgrade Metro Line 1, and would act as the central management system for traffic, dispatching and monitoring. The commercial contract of the project was awarded to Power Construction Corporation of China (PowerChina) and signed on 22 September 2023.
Benefit to Serbia
This high-capacity, fully electrified rail network spans approximately 21km and 21 stations and represents a strategic infrastructure project for Serbia. By easing severe traffic congestion caused by Belgrade’s dense population and strained transportation systems, the metro network will improve mobility and contribute to advancing Belgrade’s transformation into a green city through sustainable public transport.
Commenting on the deal, Gladys Choi, Head of Structured Trade & Export Finance Greater China and Korea said, “Deutsche Bank has a long-standing relationship with the Serbian Government on the ground. Entrusted by the government and PowerChina, our key Chinese exporter client, Deutsche Bank has shown strong commitment and support to the project. We have worked closely with all stakeholders to bring this important financing into successful closure, which is a key milestone for the construction of the Belgrade Metro Line 1.”