Miodrag Kostic Gifting Palace of Science to Scientists and Researchers – Redevelopment of Former Banking Institution into Research Space in Kralja Milana Street by End-2024

Nearly a hundred years ago, on the corner of what are now Kneza Milosa and Kralja Milana streets, a magnificent edifice was raised, which, in the ensuing decades, up until recently, served as a banking institution. For some time now, this nearly a hundred years old edifice has been surrounded by scaffolding, because its façade is being reconstructed. And that is just the prelude to all the architectural and construction works that will be done on and inside this building, so that it would be turned into the Palace of Science, which, if everything goes as planned, should officially open at the end of next year. When everything is finished, in this facility, the Miodrag Kostic Foundation will open the first center for research and the popularization of science in Serbia. At the Palace of Science, within the cooperation with the Faculty of Electrical Engineering in Belgrade, there will be 19 research centers, and this project entails setting aside a sum of EUR 25 million.

The Miodrag Kostic Foundation presented the Palace of Science to representatives of the scientific and academic community yesterday at the Faculty of Electrical Engineering in Belgrade. In addition to the fact that it will be the first center of its kind in our country, it will also be the biggest one in a wider region, with a space of 5,500 m2. As pointed out at the presentation, science and research activities will be carried out in one section, where boundaries will be pushed in the fields of electrical engineering, computer science and software engineering, whereas, in the other section, numerous educational, attractive and interactive exhibition items and features meant for the popularization of science among the widest public, and especially children and young people, will be located.

As emphasized, it is precisely with that in mind that Miodrag Kostic founded the foundation that carries his name and is now gifting the Palace of Science worth EUR 25 million to the society. This is the biggest spending in the recent history of foundations.

Talking at the presentation of his father’s foundation, Aleksandar Kostic, a member of the Managing Board, emphasized the importance of support to the Serbian science and young scientists.

– I am proud that we are positioning science as the driving engine of societal development. The wish of Miodrag Kostic is for the Palace of Science to provide the opportunity to the new generation of young scientists to build their careers in their own country. To enable them to work here in the best conditions and creative space, as in the best science centers in the world. Because, they are the future leaders of the scientific and technological progress of Serbia. The Palace of Science will be the place which combines curiosity and passion for knowledge and celebrates the ability of the human mind to create discover and research – emphasized Aleksandar Kostic.

The importance of this kind of a project for the Serbian scientific community was emphasized by the minister of science, technological development and innovations, Jelena Begovic, PhD.

– The Government of the Republic of Serbia recognizes the importance of investing in science and works on Serbia truly becoming a land of science, a land of innovations. However, it is also necessary for the private sector to get more involved in this process. The establishment of the Palace of Science is a big step for our scientific community and proof of how significant the contribution of the economy can be. Foundations have a rich and long tradition in Serbia and they were crucial to the development of science and innovations, especially up till the Second World War. That is why this is not just an investment in buildings, infrastructure and technology. This is an investment in our people. Our youngest people, our young talents, researchers and innovators. The Palace of Science, I am convinced, will be one of the catalysts for the development of science and innovations and communication with citizens about these topics in our country – the minister said and reminded of the state’s spendings for innovations, science, science and research funds and the infrastructure necessary for the further development of science and the professional development of scientists in Serbia.



At the gathering, the established cooperation with the Faculty of Electrical Engineering at the University of Belgrade was officially presented. The faculty’s professors will run 19 research centers at the Palace of Science, and the heads of these centers symbolically signed their ID cards. As said, the Miodrag Kostic Foundation will provide them and their students with the best conditions and equipment for work. The dean of the Faculty of Electrical Engineering, professor Dejan Gvozdic, PhD, pointed out that the faculty had been given a great honor by being recognized as the institution that could best fit the project of the Palace of Science in terms of its program and contribute to it with its reputation.

– As the oldest and most prominent education and science and research institution in the fields of electrical engineering, computer science and software engineering in Serbia, the faculty will approach this project with maximum responsibility and a desire to justify the trust given to it. We are convinced that the projects and activities of our laboratories will make a considerable contribution to popular scientific, educational and expert scientific features of the Palace of Science and the raising of awareness of the importance of high-technology research in improving the quality of life, the environment and the society as a whole – said professor Gvozdic.

The Palace of Science – Miodrag Kostic Foundation, it is reminded, will be located in one of the most beautiful buildings in the center of Belgrade, at the corner of Kralja Milana and Kneza Milosa streets, and breathe in new life to this cultural monument which dates back to 1924. The founder of the Palace of Science, Miodrag Kostic, as pointed out, is recognized in the public as one of the most successful business people in the region, but also as a great humanist and philanthropist. He realizes numerous socially responsible activities, and with this act and a desire to gift a permanent value to the nations in these areas, he has earned the title of a modern patron.

Vlada Republike Srbije

Ministarstvo nauke, tehnološkog razvoja i inovacija Republike Srbije

ETF Beograd

Univerzitet u Beogradu

Zadužbina Miodraga Kostića

MK Group d.o.o. Beograd

Miodrag Kostić

Aleksandar Kostić

Jelena Begović

Dejan Gvozdić

research centers

electrical engineering

computer science

software engineering

popularization of science

philanthropy