Last August, Belgrade agreed to purchase the aircraft — nine single-seater and three two-seater models — for €2.7 billion to replace its aging fleet of Russian MiGs.

According to today's approved bill, €823.5 million has already been paid as an advance, and Serbia will borrow the remaining amount "from a group of French banks and credit institutions."

The adopted law names the following banks: Bred Banque Populaire (€163.3 million), Crédit Agricole (€345.87 million), Crédit Industriel et Commercial (€345.87 million), Crédit Lyonnais (€163.3 million), Société Générale (€422.73 million), and Natixis (€480.37 million).

"Our goal is to completely modernize and improve aviation and the armed forces as part of a broader modernization program, which is the largest investment in the Serbian armed forces to date," Finance Minister Sinisa Mali told parliament last week.

Serbia expects to receive the first Rafale in early 2028.

"One aircraft will arrive per month until the entire delivery is complete," Mali added.

Serbia signed the contract to purchase the Rafale during French President Emmanuel Macron's visit in August 2024. | BGNES