Second Real Estate Management Project (WB-P500611)

Countries
  • Serbia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Jul 29, 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 - Republic Geodetic Authority
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Law and Government
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)
$ 32.50 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.
Project Cost (USD)
$ 32.50 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.
Bank Documents
Media Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Aug 11, 2024

Disclosed by Bank Oct 25, 2023

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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 objective of this project is to improve the transparency, accessibility, and reliability of Serbia’s real property management systems.

Mass valuations will benefit both Serbia’s citizens and businesses, while greater transparency of property ownership records can boost activity in the real estate market and lower risk premiums. The focus of the project on improving data and systems related to climate change can better prepare government institutions to respond to adverse weather events and natural disasters.

Components:
Component A: Implementation of the Property Mass Valuation System
Component B: Integration of Information Systems and NSDI Services Development
Component C: Institutional Improvement, RGA Sustainability, and Project Management

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.

The project is not expected to have significant adverse environmental impacts, as it will mostly support desk based work, i.e. software development (e.g., development of mass valuation system for residential properties; digital transformation of the Republic Geodetic Authority (RGA); improvement of cybersecurity, data and systems protection and recovery, etc.). It was confirmed that the initially planned activity related to drone purchase and usage has been dropped. The only potential indirect adverse environmental risk and impacts might arise from IT infrastructure upgrades (including the supply of hardware, servers, block storage, etc.). Consequently, the environmental risk rating is assessed as low.

Social risk is moderate as the Project involves moderate magnitude, yet large spatial extent impacts. However, it doesn't involve significant, unpredictable, or irreversible risks. o . Continuous monitoring and adaptation may be necessary to address emerging challenges. The project could unintentionally lead to downstream risks associated with land disputes due to insufficient transparency and accuracy in the MV system. 

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

A EUR30 million ($32.5 million equivalent) loan.


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.

World Bank

Olivera Jordanovic
Senior Land Administration Specialist

Caleb Travis Johnson
Land Administration Specialist

Borrower/Client/Recipient

Republic of Serbia
Verica Ignjatovic
Acting Assistant Minister
verica.ignjatovic@minfin.gov.rs

Implementing Agencies

Ministry of Construction, Transport and Infrastructure
Emese Lalic Urban
State Secretary
emese.lalic.urban@mgsi.gov.rs
Republic Geodetic Authority
Dragan Pavlovic
PIU Director
dpavlovic@rgz.gov.rs

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works