Serbia Rail Infrastructure Urgent Renewals (EBRD-55104)

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
B
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 11, 2024
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 - Ministry of Finance
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)
$ 53.74 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 50
Converted using 2024-06-19 exchange rate.
Project Cost (USD)
$ 53.74 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 50
Converted using 2024-06-19 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 19, 2024

Disclosed by Bank Jun 19, 2024

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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, the project consists of the provision of a sovereign loan of up to EUR50 million to the Republic of Serbia ("RoS"), represented by the Ministry of Finance ("MoF") for the benefit of Serbian Railways Infrastructure ("SRI" or the "Company"), the fully state-owned national railway infrastructure asset management company.

The loan will finance the procurement of goods for the urgent rehabilitation of rail tracks across the network on pre-defined sections. The Project will be implemented by SRI with the support of the Ministry of Construction, Transport and Infrastructure ("MoCTI").

Enhancement of the quality of rail infrastructure on the Serbian rail network with a particular emphasis on improving the operational speed and the prevention of derailments, resulting in enhanced reliability and safety of passenger and freight rail services, ultimately leading to higher attractiveness of the railway sector and promotion of modal shift.

 

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 (2019 ESP).

Implementation of the project will result in substantial waste and waste materials, including hazardous materials (wooden sleepers, contaminated ballast, oils, and electrical components). To ensure effective waste management, measures including proper handling and storage of wooden sleepers, timely disposal, and updates to the Company's Waste Management Plan are stipulated in ESAP. 

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

A sovereign loan of up to EUR 50 million.

It is envisaged that TC support for this operation will be provided pre-signing to assist the Company with the: (i) technical and economic due diligence and (ii) environmental and social due diligence. The Company will also benefit post-signing from (i) Operational Rail Safety Management System Technical Assistance which will support SRI with the further development of its existing Safety Management System to ensure it aligns with the EU requirements and is suitable for the current and future safe operations and, (ii) Support for Climate Change Adaptation Technical Assistance.

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.

The client and beneficiary is Serbian Railways Infrastructure - SRI, the railway infrastructure asset management company of Serbia, fully-owned by the Republic of Serbia.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Serbian Railways Infrastructure 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

Ivan Aksentijevic
ivan.aksentijevic@srbrail.rs
+38169 827 31 00
https://infrazs.rs/
Nemanjina 6, 11000 Belgrade

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

How it works

How it works