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Serbia Voz Regional Depots



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

20 Sep 2023


Concept Reviewed

PSD disclosed:

07 Sep 2022

Project Description

Provision of a sovereign-guaranteed loan of up to € 25 million to Serbia Voz, the state-owned railway passenger operator of Serbia.

The proceeds of the loan will be used to finance the rehabilitation and upgrade of six regional depots used for the maintenance of the Company's rolling stock across the country. This operation will also include the procurement of new maintenance equipment, substantial energy efficiency measures, and Project Implementation Unit support and supervision to enhance the efficiency of passenger services through improved maintenance practices.

Project Objectives

The Project aims to improve the Company's maintenance capacity to support the growth of its rolling stock, as well as to increase the efficiency of passenger services through improved maintenance practices and generate energy savings through energy efficiency measures.

Transition Impact

ETI score: 60

The Transition Impact of the project will be derived from


The project will support the Company's efforts to improve its governance and internal controls, with a particular focus on risk management, internal capacity building and internal policies for strategic and short-term business planning.


The project will introduce improved policy practices in the area of skills development in the railway sector to support a holistic approach to creating a workforce for the future.

Client Information


Serbia Voz, a joint stock company, established as the national railway passenger operator, fully owned by the Republic of Serbia.

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 25,000,000.00


The Bank's additionality is derived from i) provision of missing long-term financing in the country to match the life of infrastructure investments; ii) promotion of best standards on corporate governance; iii) gender additionality deriving from the promotion of greater gender equality within the rail sector.

Environmental and Social Summary

Categorised B (ESP 2019). Environmental & Social Due Diligence (ESDD) is being undertaken internally and includes the review of the ESDD Questionnaires, site visits, review of design documentation and client's capacity to manage environmental, social, and health and safety issues, and assessment of environmental and social impacts in line with EBRD Performance Requirements.

The anticipated environmental and social (E&S) risks associated with reconstruction, upgrade and operation of six existing maintenance depots including one new greenfield facility are: occupation health and safety issues; supply chain issues associated with the potential procurement of solar modules; contractor management; nuisance and potential pollution of soil, groundwater and air during construction; waste management; community health safety and security; gender and gender-based violence and harassment; traffic management; cultural heritage and stakeholder engagement. The ongoing ESDD has confirmed that the project is not located near to any sensitive receptors, such as Natura 2000 areas or locally protected areas. Based on the result of the ESDD an Environmental and Social Action Plan (ESAP) will be developed, discussed, and agreed with the Client.

The Bank will monitor the implementation of the Project through review of annual monitoring reports and visits as required.

The PSD will be updated following the completion of the ESDD and the agreement of the ESAP.

Technical Cooperation and Grant Financing

It is envisaged that TC support for this operation will be provided to assist the Company with:

(i) The procurement and the implementation of the Project to ensure timely and cost effective implementation and compliance with EBRD's Procurement Policies and Rules; (ii) Assistance for the implementation of further corporate governance improvements, including corporate governance specialist and legal consultants;

(iii) Support for the implementation of inclusion measures, including supporting youth and women's access to skills and employment as well as services in the railway sector.

Company Contact Information

Masan Radojevic
Nemanjina 6, Belgrade, Serbia

PSD last updated

07 Sep 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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