Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Serbia
Banks:
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: Board 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: Infrastructure of Serbian Railways JSC
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Infrastructure
  • Transport
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 39.25 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 36,000,000.00
Converted using 2016-10-27 exchange rate.
Project Cost (USD): $ 46.88 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 43,000,000.00
Converted using 2016-10-27 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-08-10
Disclosure Date: 2016-10-27
Serbian Railways Corridor X - II
EBRD-48883

Project Description
This project finances a program of track renewal on Corridor X. As part of a related project the EBRD is also financing the procurement of new electric locomotives, and the refurbishment of existing locomotives.
Investment Description
This project is a reallocation of an existing sovereign guaranteed loan to JSC Serbian Railways. This reallocation works to aid in the unbundling of the vertically integrated JSC Serbian Railways. The loan is restructured to fund Serbian Railways JSC and Serbia Cargo JSC. These have also previously benefited from several technical cooperation grants. The Client for this project is Infrastructure of Serbian Railways JSC, a state-owned enterprise responsible for the management of national railway infrastructure, established in August 2015.
Contact Information
Dusan Garibovic, Director General kabinet.infrastruktura@srbrail.rs +381 11 3616 841 +381 11 3616 841 6, Nemanjina St. 11000 Belgrade 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.
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