Serbian Finance Minister Sinisa Mali told parliament on Tuesday that the government is planning to take hundreds of millions of Euro in fresh loans to finance the development of the country’s economy.

Speaking during a presentation of several draft laws on major projects, Mali said that a loan of 82.6 million Euro will be taken from the European Bank for Reconstruction and Development (EBRD) along with 50 million from an unspecified French bank to finance green and public sector efficiency projects.

He said a loan of 102 million Euros will be taken to finance upgrades to the country’s railway network and a loan of 78.2 million Euro to finance repairs of the embankments along the Sava and Danube rivers and another 85.5 million Euro to build a gas inter-connection from the southern city of Nis to the border with Bulgaria.

He told MPs that the so-called Morava Corridor will require financing of 431.6 million Euro, adding that this is a project of national importance.