A Chinese company will build a $1.5-billion (1.3-billion-euro) expressway in Serbia, the Balkan nation announced Thursday, the latest in a slew of Beijing-backed infrastructure projects across the region.
In the last decade, Serbia, a candidate for European Union membership, has experienced a boom in Chinese investment — with Beijing now among its top five foreign investors.
Despite its EU aspirations, Serbia has maintained close ties with both Beijing and its historically close ally, Moscow.
China continues to pump billions of dollars into the Balkans in a bid to expand its economic footprint in central Europe.
Brussels has previously raised concerns about a lack of transparency in many Chinese-led projects, particularly regarding environmental compliance and adherence to EU standards.
But Serbian President Aleksandar Vucic has pushed on, visiting China several times and hosting President Xi Jinping in Belgrade in 2024.
At Thursday’s signing ceremony in Belgrade, Vucic hailed the deal as proof of the two nations’ “steel friendship”.
The Serbian leader, said the Shandong Hi-Speed Group will build and pre-finance the project, which is expected to start construction of an 80-kilometre (50-mile) expressway in July and is due to be completed within three years.
It will eventually be part of a larger road project connecting the capital with other central Serbian cities due to be completed in 2035.
According to the Finance Ministry, Chinese projects currently underway include Belgrade’s metro system, a major road tunnel in the city and several bridges.
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