Early Warning System

Countries

Serbia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

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 24, 2025

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.

Borrower

Government of Serbia - Srbijavoz JSC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Transport

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 45.68 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 42
Converted using 2025-03-28 exchange rate.

Project Cost (USD)

$ 45.68 million

Bank Documents

PSD translation (Serbian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 13, 2025

Disclosed by Bank Mar 28, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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, the project consists of the provision of a sovereign-guaranteed loan in the amount of up to EUR42 million to the Joint Stock Company for Railway Passenger Transport Srbijavoz Belgrade, the state-owned railway passenger operator of the Republic of Serbia, to finance the acquisition of twelve modern railway sleeping cars.

The objectives of this project are:

1. Enhance passenger services on existing railway routes that use sleeping cars.

2. Support Srbijavoz in expanding its international rail passenger services by providing upgraded sleeper carriages that are suitable for high-speed routes and permissible to operate in EU countries.

3. Contribute to increasing the attractiveness and competitiveness of rail transportation as a greener transport mode.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (ESP 2019). The key E&S issues and risks associated with procurement and operation of 12 modern sleeping cars for rail transportation are limited, including provision of systems ensuring safety of users, fire safety, noise and vibration, prevention of gender-based violence and harassment, as well as disposal of existing obsolete fleet to be replaced with new cars, operational safety management systems, serviceability of wagons, and occupational health and safety during maintenance activities.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A sovereign-guaranteed loan.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Srbijavoz, a joint stock company established in 2015 following the unbundling of the vertically integrated JSC Serbian Railways, serves as Serbia's national railway passenger operator and is fully owned by the Republic of Serbia. Srbijavoz is currently undergoing a significant modernization process, including upgrade of both its rolling stock and maintenance depots as part of the overall effort for the rail development in Serbia.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Srbijavoz JSC	Client	-

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.

COMPANY CONTACT INFORMATION

Masan Radojevic
masan.radojevic@srbijavoz.rs
www.srbvoz.rs
Nemanjina 6, 11 000 Belgrade, Serbia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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