This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Serbian Railways Corridor X (EBRD-41125)

  • 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
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 1, 2010
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.
Investment Amount (USD)
Not Disclosed
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.
Primary Source

Original disclosure @ EBRD website

Disclosed by Bank Mar 16, 2010

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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.
PROJECT DESCRIPTION The EBRD is considering providing a sovereign guaranteed loan of EUR100 million to finance: TRANSITION IMPACT The Project will contribute to the transition process by focusing on market liberalisation, which will be addressed through the adoption of a new company structure; assistance to the rail regulator; implementation of access charges and a network statement; and the provision of assistance to monitor energy use. THE CLIENT The Client for this project is Serbian Railways, the state-owned enterprise responsible for both infrastructure and operations, including the transportation of passengers and freight by rail within Serbia. EBRD FINANCE The EBRD will provide a sovereign guaranteed loan of EUR100 million. Technical co-operation funds are also being provided (see below). PROJECT COST The total project cost is EUR296.4 million, with EBRD and EIB providing loans of EUR100 million and EUR150 million respectively. ENVIRONMENTAL IMPACT Categorised B (2008). The environmental and social due diligence, which is currently ongoing, will assess the current status of EHS management systems at Serbian Railways as well as identify and assess potential environmental impacts and benefits of the project. An environmental and social action plan (ESAP) will be developed to structure the project to achieve compliance with the relevant Performance Requirements (PRs). On the basis of a site visit already undertaken by the Bank's Environmental Specialist, the procurement of new locomotives along with a programme of track modernisation, improved signalling, improvement of level rail crossings and landslide prevention structures will improve public safety and yield significant community benefits and limited adverse environmental and social impacts. TECHNICAL COOPERATION The following technical co-operations funds are envisaged as part of this project:
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.
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 or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at

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How it works