The Serbian Parliament recently approved a significant financial move, allowing the state to borrow 1.9 billion euros (approximately $2.2 billion) from a consortium of French banks. This funding is earmarked for the acquisition of 12 Rafale fighter jets, a strategic step in updating Serbia’s military capabilities.
Last August, Serbian officials made the decision to procure twelve Rafale aircraft, which includes nine single-seat and three two-seat models, at a total cost of 2.7 billion euros (around $3.1 billion). This acquisition is intended to replace an aging fleet of Russian MiG fighters, illustrating Serbia’s commitment to modernizing its defense forces.
The legislation passed on Monday specifies that an advance payment of 823.5 million euros (approximately $952 million) has already been made for the jets. The remaining balance will be financed through loans from a group of established French banks and credit institutions. Notable lenders include Bred Banque Populaire, Credit Agricole, Credit Industriel et Commercial, Credit Lyonnais, Societe Generale, and Natixis, with loan amounts allocated for each institution ranging from 163.3 million euros to 480.37 million euros.
During a parliamentary session preceding the vote, Finance Minister Sinisa Mali emphasized the government’s focus on modernizing aviation and military capabilities as part of a broader investment strategy—one that represents the largest financial commitment to the Serbian armed forces to date.
Serbia anticipates receiving the first of the Rafale jets at the start of 2028. Following this initial delivery, the government expects to receive one aircraft each month until the full order is completed. The procurement agreement was formalized during French President Emmanuel Macron’s visit to Serbia in August 2024, underscoring the strengthening defense ties between the two nations.
