EBRD lends €20 million to Serbia and Montenegro Air Traffic Services Agency

January 3, 2025 by The Sting's Team Leave a Comment

This article is brought to you in association with EBRD.

EBRD providing a €20 million loan to upgrade SMATSA’s air navigation system
Investment to enhance capabilities and performance of SMATSA’s operations
Project to be co-financed by an EIB loan of up to €25 million

The European Bank for Reconstruction and Development (EBRD) is extending a loan of up to €20 million to Serbia and Montenegro Air Traffic Services Smatsa Llc. (SMATSA), the air traffic services agency that covers the air space of Serbia and Montenegro. It will be accompanied by a loan of up to €25 million from the European Investment Bank (EIB).

SMATSA is 92 per cent owned by Serbia and 8 per cent owned by Montenegro through a limited liability company incorporated in Serbia.

The loan will be used to finance the upgrade of SMATSA’s air navigation information technology system to the latest TopSky ATC One version developed by Thales Air Systems. This advanced software will enhance operational capabilities, maximise runway capacity and reduce delays, ultimately improving air traffic flow management. The upgrade will also boost SMATSA’s efficiency and lower costs by reducing delay penalties and maintenance expenses.

Beyond operational improvements, the project emphasises workforce development, offering market-relevant training and strategic workforce management. Through an inclusive outreach campaign, SMATSA aims to attract youth to its ranks, with a focus on increasing the representation of women in the aviation sector, solidifying its role as an employer of choice.

The loan agreement was signed by Matteo Colangeli, EBRD Regional Head of the Western Balkans, and SMATSA Chief Executive Officer (CEO) Predrag Jovanović.

EBRD Regional Director Matteo Colangeli said: “We are pleased to continue our successful cooperation with SMATSA with this new investment. The project will modernise air navigation capabilities, enhance efficiency and reduce operational costs. More broadly, the investment represents a commitment to fostering innovation, developing a skilled and inclusive workforce, and positioning SMATSA as a leader in sustainability in the aviation sector.”

SMATSA CEO Predrag Jovanović said: “We are grateful to the EBRD for their support in significant project of SMATSA main Air Traffic Management System upgrade. This investment will improve the quality of the services SMATSA provides and significantly contribute to operational efficiency. The capacity will be increased, and delays reduced, benefiting airlines and passengers alike. The project is in line with the “Green Agenda” and contributes to the reduction of CO2 emissions. Beyond technology, this investment emphasizes our workforce development and inclusivity, with targeted efforts to attract young talent and increase women’s representation in aviation. We are excited to take this transformative step forward for air traffic management in Serbia and in Montenegro”

The EBRD is a leading institutional investor in Serbia and has invested more than €9.5 billion through 367 projects to date, the majority in the private sector. The Bank’s focus in Serbia is on supporting private-sector competitiveness, green-energy transition and sustainable infrastructure.

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