The EBRD is considering providing a sovereign guaranteed loan of €100 million to finance:
(i) a programme of track renewal along the Corridor X railway line in Serbia;
(ii) the procurement of up to 15 electric locomotives; and
(iii) spare parts for the existing electric locomotive fleet. The European Investment Bank (EIB) will finance a complementary investment focusing on a programme of modernisation of the track from Belgrade to Novi Sad, which is a key section of Corridor X.
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 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.
The EBRD will provide a sovereign guaranteed loan of €100 million. Technical co-operation funds are also being provided (see below).
The total project cost is €296.4 million, with EBRD and EIB providing loans of €100 million and €150 million respectively.
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.
The following technical co-operations funds are envisaged as part of this project:
- Final Design Belgrade to Novi Sad. €2 million. Funding from the IPA 2010) has been requested.
- Supervision and assistance to the Project Implementation Unit. €5 million. Funding from the Western Balkans Investment Facility (‘WBIF’) has been requested.
- Assistance to the Rail Regulator. €250,000. Funding from the WBIF has been requested.
- Assistance to monitor energy use. €300,000. Technical co-operation funding to be sought.
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