At the end of August 2024, Serbia achieved one of the most recent and significant milestones in the process of renewing and modernizing its Armed Forces. Aiming to replace outdated fighter jets that have been in service since the time of the former Yugoslavia—such as the MiG-29—the Serbian government reached an agreement with France and Dassault Aviation for the purchase of twelve (12) Rafale F4 fighter jets, in a deal valued at €2.7 billion.
As part of the contractual process for the acquisition of these French-made aircraft, the Serbian Parliament recently authorized the government to secure various loans from French financial institutions and banks to fund the purchase of the twelve fighters.
According to the latest reports issued by the legislative body, the government was authorized to sign loan agreements totaling €1.9 billion as part of the operation, which also included an initial payment by Serbia of €823.5 million—already made, according to the parliamentary notification.
In statements made by Serbia’s Minister of Finance, Siniša Mali, he said: “Our goal is to improve and fully modernize our air force and armed forces as part of a broader modernization programme. This is the largest investment in the Serbian armed forces so far.”
Although no further details about the deal have been disclosed since the contracts were signed last August, the Serbian Air Force is expected to receive its first Rafale jets during 2028. Of the twelve units, nine will be single-seat variants and three twin-seat variants—all belonging to the modern F4 configuration produced by Dassault.
Lastly, regarding the terms of the loans assumed by Serbia, repayment will take place over a seven-year period, through a total of 14 semiannual installments.
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