Financing Belgrade’s first metro line

The need for a modern, integrated transport network

Belgrade is taking a decisive step toward sustainable urban mobility with the construction of its first metro line, expected to transform how nearly two million residents travel across the city. For decades, the capital relied mainly on buses, trolleybuses and trams operating in mixed traffic, an extensive but congested system that highlighted the need for a true mass‑transit backbone.

This first metro line will complement the existing BG:VOZ suburban rail system, creating the integrated transport network Belgrade has long lacked. Once operational, Line 1 will significantly improve daily mobility, easing chronic congestion by reducing reliance on road traffic and contributing to better air quality, thereby supporting Belgrade’s long‑term spatial and economic development as part of a national strategic priority.

Line 1 Phase 1: A transformational infrastructure program

The first phase of Line 1 consists of a 14.9‑kilometre fully underground line with fourteen stations and eight shafts for ventilation, evacuation and tunnel‑boring activities. This stage forms part of a broader plan including the future extension of Line 1 and the construction of Lines 2 and 3.

The project includes the development of a fully equipped depot in Makiš, which will serve as the main facility for maintaining the entire fleet for Lines 1 and 2, as well as the primary stabling site for Line 1 rolling stock.

Alstom will supply the metro trains, signaling and digital train‑control systems, platform screen doors, as well as the track‑laying, power‑supply infrastructure and full system integration.

A landmark green export‑credit financing

Societe Generale arranged a EUR 530 million Bpifrance AE‑backed Buyer Credit together with other participating banks, acting as E&S and Green Loan Coordinator, Mandated Lead Arranger and Lender.

The Facility will finance the Alstom Package: Design and execution of transportation systems and procurement of rolling stock for the Line 1 Phase 1.

Structured as a Green Loan under the Loan Market Association Green Loan Principles, the transaction also complies with IFC Performance Standards and the Equator Principles, following assessment of the Environmental and Social Impact Assessment approved by Serbian authorities. This framework ensures the financing directly supports Serbia’s sustainability objectives and reinforces the environmental added value of the Belgrade Metro.

A long‑term commitment to Belgrade’s sustainable mobility future

For Serbia, this financing marks a critical milestone in both infrastructure modernization and international cooperation. It consolidates the strong relationship between the Ministry of Finance and Societe Generale, following additional export‑credit transactions concluded in 2024 and 2025.

It also strengthens the Bank’s long‑standing partnership with Alstom, a global leader in sustainable mobility, and confirms Societe Generale’s leadership in ECA‑backed financing for sustainable transport projects across the Balkans.

By supporting this transformative project, Societe Generale reaffirms its commitment to sustainable infrastructure, export‑credit excellence and long‑term partnerships that foster economic progress and deliver meaningful benefits to local communities.