Koridori Srbije Ltd (Morava Motorway) (MIGA-1664)

  • Serbia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 4, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
JPMorgan Chase Bank, N.A. (London Branch)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Communications
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1,095.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1000
Converted using 2023-08-08 exchange rate.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 8, 2023

Disclosed by Bank Aug 4, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, this summary covers an application by JP Morgan Chase Bank N.A. London Branch of the United States, on behalf of itself and Banco Santander S.A. of Spain, Credit Agricole Corporate and Investment Bank of France, ING Bank, a branch of ING-DiBa AG of Germany, and other potential Lenders to be identified, for their non-shareholder loans to the Government of Serbia ("GoS") represented by the Ministry of Finance ("MoF"), for the construction, operation and maintenance of an highway, with telecom infrastructure and flood prevention systems along the West Morava river.

The Project consists of a greenfield 112-kilometer ("km") dual-carriageway tolled motorway, within a 900 meter right of way, located approximately 200 km south of Belgrade, in a low-level flood plain running east/west along the West Morava River Valley. The Project also includes (i) above ground structures such as interchanges, bridges, culverts, and over/under passes; (ii) a telecommunication network (digital corridor) supported by power lines and communication cables to connect the telecom stations within the motorway (at rest areas, parking lots, and near traffic loops) and to manage traffic through various traffic control, surveillance, and tolling systems; and (iii) river regulation works intended to protect the Project and its surrounding areas from flooding.

The motorway spans from Pojate on the A1 (the North-South motorway in central Serbia) through Krusevac and up into Preljina, near Cacak. Due to the heterogenous characteristics and requirements along the route, the Morava Highway will be divided in three sections: Pojate-Kruseva (circa 28km), Krusevac-Adrani (c. 53km) and Adrani-Preljina (c. 31km).

Ownership of the Project sits with the Ministry of Construction, Transport and Infrastructure and Corridors of Serbia, a division of said Ministry that oversees the development and construction phases of the Project.


The Project is a Category A under MIGA's Policy on Environmental and Social Sustainability (2013).Click herefor the Project's Environmental and Social Review Summary.


The Project will improve road quality by reducing travel time and ensuring higher safety standards, while contributing to improved telecommunication connectivity in the Morava basin. The Project will also strengthen its climate resilience and that its neighboring areas by including climate allowances in its design (e.g., road drainage and river regulation works). In addition to leading to adoption by the Project of the Performance Standards (PS), MIGA will help the GoS secure cost-effective financing at a time when global markets are plagued by high inflation and interest rates.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure.


You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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