Quick Facts

Where the impacts of the investment may be experienced.
  • Serbia
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-11-16
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: SRBIJA VOZ JSC
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Transport
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 3.70 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported EUR 3,500,000.00
Converted using 2016-11-16 exchange rate.
Project Cost (USD): $ 4.45 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported EUR 4,200,000.00
Converted using 2016-11-16 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-04-11
Disclosure Date: 2016-11-16
JSC Serbia Railways - II

Project Description
This project involves the reallocation of an existing sovereign guaranteed loan of EUR 95 million to JSC Serbian Railways (project number 42262). The client, SRBIJA VOZ JSC, is a state-owned railway passenger operator established in August 2015 as a result of the unbundling of the vertically-integrated company JSC Serbian Railways. The reallocation follows a decision by the Government of Serbia to unbundle the vertically integrated JSC Serbian Railways. The existing loan is being restructured to reassign the loan proceeds to the following operating companies established in August 2015 i (1) EUR 91.5 million to the enterprise "Infrastructure of Serbian Railways JSC" (project number 48409) and (2) EUR 3.5 million to the enterprise "Srbija Voz JSC" (project number 48410). According to bank documents, the stated objectives of this project are: (i) the enhancement of the speed and reliability of passenger rail services and (ii) the provision of further assistance to the railway sector and the Government of Serbia for its rail reform program.
Investment Description
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.