Morava Highway (MIGA-16642)

Countries
  • Serbia
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
Approved
Bank Risk Rating
A
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.
Voting Date
Apr 8, 2021
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
JPMorgan Chase Bank, N.A. (London Branch)
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 550.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Mar 25, 2021

Disclosed by Bank Jan 8, 2021


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Project Description

According to the bank website, "This Early Disclosure covers an application by JPMorgan Chase Bank N.A., London Branch ("JPM") on behalf of itself and other commercial bank lenders yet to be identified, for their non-shareholder loans to the Government of Serbia ("GoS") represented by the Ministry of Finance ("MoF"), for the construction of a 112 kilometer ("km") highway and flood prevention systems along the West Morava River ("the Project"). JPM is seeking a Non Honoring of Sovereign Financial Obligation (NHSFO) guarantee of up to USD 550 million, for a period of up to 15 years."

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

Project contacts not available at the time of disclosure.

ACCESS TO INFORMATION

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

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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