Zakon o potvrđivanju Sporazuma o zajmu između KfW, Frankfurt na Majni i Republike Srbije koju zastupa Vlada Republike Srbije delujući preko i putem Ministarstva finansija za Zajam za politike (PBL) „Reforma sektora energetike i životne sredine u Republici Srbiji II“

Loan Agr eem ent

dated 18.07.2025

between

KfW, Frankfurt am Main

("KfW")

and

Republic of Serbia

represented by the Government of the Republic of Serbia by and through the

Ministry of Finance

("Borrower")

for

EUR 135,000,000.00

- Policy Based Loan (PBL) -

Reform of the Energy and Environmental Sectors of Serbia II

BMZ-No. 525000880

Loan ID: 31812

CO NTEN TS

CO NT ENT S .............................................................................................................. 2

PREA MBLE .............................................................................................................. 3

1. Loan ........................................................................................................................ 4

2. Disbursement .......................................................................................................... 4

3. Fees ........................................................................................................................ 6

4. Interest .................................................................................................................... 7

5. Repayment and prepayment ...................................................................................12

6. Calculations and payments in general ....................................................................15

7. Guarantee from the Federal Republic of Germany ..................................................17

8. Illegality ..................................................................................................................17

9. Costs and public charges ........................................................................................17

10. Special obligations ..................................................................................................18

11. Termination of the Agreement.................................................................................20

12. Representation and statements ..............................................................................21

13. Publication and transfer of programme-related information .....................................22

14. General provisions ..................................................................................................24

Annex 1 Drawdown Notice ...............................................................................................28

Annex 2 Form of Legal Opinion of the Ministry of Justice of the Republic of

Serbia ..............................................................................................................................30

Annex 3 Confirmation letter from KfW regarding the German Government

Guarantee ........................................................................................................................35

Annex 4 Information concerning Article 14.10 ..................................................................36

Annex 5 Specimen Application for Interest Change .........................................................37

Annex 6 Compliance Covenants Borrower .......................................................................38

Annex 7 Programme Design ............................................................................................41

1. Programme Design .................................................................................................41

2. Programme Implementation ....................................................................................42

3. Reporting and Other Provisions ..............................................................................44

Appendix A - ESHS Definitions ........................................................................................46

Appendix B – Exclusion List for Financing .......................................................................47

I. Exclusions .....................................................................................................................47

II. Supplementary Requirements ......................................................................................48

Annex 8 Policy and Results Matrix ...................................................................................49

Annex 9 Variable Rate Definitions....................................................................................55

PRE AM BLE

This Loan Agreement represents the second phase of a joint Development Policy Operation between the World Bank ("WB"), the Agence Française de Développement ("AFD") and KfW. WB, AFD, KfW and the Borrower have agreed on policy initiatives, setting forth objectives, policies and actions as described in the Policy and Results Matrix (see Annex 8 (the "Policy and Results Matrix")), to improve sectoral reform processes in the energy and environmental sectors in the Republic of Serbia.

It is envisaged that the programme will be financed in parallel by a loan of the WB (the “WB Loan”) and a loan of AFD.

The terms and conditions of the Loan comply with the OECD requirements applicable on the date of signing of the Agreement for recognition as Official Development Assistance (ODA).

On this basis and under the condition that the Federal Republic of Germany extends a guarantee for the Loan, KfW will grant a Loan in accordance with the terms and conditions of this Loan Agreement.

1. Loan

Section1.1.

Amount. KfW will extend to the Borrower a Loan not exceeding a total of

EUR 135,000,000.00 ("Loan")

(In words: one hundred thirty-five million Euros).

Section1.2.

Purpose. The Borrower will use the Loan exclusively to finance the Borrower´s

budget in response to the energy and environmental sectors reform programme

of Serbia (the "Programme").

Section1.3.

Taxes, charges, customs duties. Taxes and other public charges owed by the

Borrower as well as customs duties will not be financed from the Loan.

2. Disbursement

Section2.1.

Requesting disbursements. KfW will disburse the Loan in one single

disbursement in full to the Borrower upon receipt of a duly and validly completed

and executed original Drawdown Notice by the Ministry of Finance provided that

all conditions precedent to disbursement according to

Article 2.3

(Conditions

precedent to disbursement) have been met. The Drawdown Notice shall only be

complete and valid if (i) it is irrevocable and has been submitted to KfW no later

than by 12 noon on the tenth Banking Day (as defined in

Article 14.1

Banking

Day) prior to the disbursement date referred to in the Drawdown Notice; and (ii) it

is substantially in the form of Annex 1 (Drawdown Notice).

Section2.2.

Deadline for requesting disbursements. KfW has the right to refuse to make

disbursements after 30 June 2026.

Section2.3.

Conditions precedent to disbursement. KfW is obligated to make disbursements

under this Agreement only if the following conditions precedent have been

fulfilled in a manner satisfactory to KfW in form and substance:

The Borrower will have demonstrated to the satisfaction of KfW, by

presenting a legal opinion the content of which is essentially in conformity

with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of

Justice of the Republic of Serbia) hereof and by presenting certified copies

(each with an official translation into the language of this Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is

legally effective and enforceable and, in particular, that

the Borrower has met all requirements under its constitutional law and

other applicable legal provisions for the valid assumption of all its

obligations under this Agreement, and

ii)

KfW is exempted from all taxes on income from interest earnings and

all levies, commissions and similar costs in the Republic of Serbia

when granting the Loan;

KfW is in possession of an original of this Agreement signed with legally

binding force;

the specimen signatures mentioned in

Article 12.1

(Representation of the

Borrower) hereof have been received by KfW;

the guarantee from the Federal Republic of Germany mentioned in Article 7

(Guarantee from the Federal Republic of Germany) (the “Guarantee”) is in

force and effect without any restriction. KfW will inform the Borrower once

the Guarantee is in force and effect. The form of confirmation letter to be

provided by KfW will be enclosed as Annex 3 to this Loan Agreement;

the Borrower has paid the Management Fee set forth in

Article 3.2

(Management Fee) hereof;

no reason for termination has occurred, nor has an incident occurred that

would become a cause for termination by notification or expiration or

ascertainment or fulfilment of a condition (potential reason for termination);

no extraordinary circumstances have arisen that preclude or seriously

jeopardise the implementation, the operation, or the purpose of the

Programme or the performance of the payment obligations assumed by the

Borrower under this Agreement; and

the Borrower has provided evidence to KfW on the fulfillment of the

Programme prior actions as set out in Annex 8 (Policy and Results Matrix)

(the “Programme Prior Actions”) and has received a written confirmation

of KfW that the evidence is satisfactory to KfW in form and substance.

KfW has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its discretion (acting reasonably in accordance with regulations and policies applicable to KfW and/or international banking practice) to ascertain the conditions precedent for disbursement specified in this section.

Section2.4.

Right to cancel disbursements. Subject to the fulfilment of its obligations under

Article 10 (Special obligations) hereof the Borrower may waive the disbursement

of the undisbursed Loan amount with the prior consent of KfW against payment

of a Non-Utilisation Fee pursuant to and as defined in

(Non-Utilisation

Fee) hereof.

Section2.5.

Non-Utilisation Fee. If the Borrower cancels the disbursement of a Loan amount

for which an interest rate has already been determined pursuant to

Article 2.4

(Right to cancel disbursements) hereof, or if such Loan amount is not disbursed

at all or is not disbursed by the deadline stated in

Article 2.2

(Deadline for

requesting disbursements) hereof, the Borrower will promptly pay to KfW upon its

request such amount as is necessary to compensate KfW for any losses,

expenses or costs incurred by KfW as a result of the non-disbursement of the

Loan amount ("Non-Utilisation Fee"), unless such non-disbursement constitutes

a breach of this Agreement by KfW. KfW, acting reasonably, will calculate the

amount of the Non-Utilisation Fee and communicate it to the Borrower.

3. Fees

Section3.1.

Commitment Fee. The Borrower will pay a non-refundable commitment fee of

0,25 % per annum ("Commitment Fee") on undisbursed Loan amounts.

The Commitment Fee is due for payment semi-annually in arrears on 15 May and

15 November of each year, for the first time on 15 November 2025, but no earlier

than on the respective date following the day on which this Agreement enters into

force and effect pursuant to

(Entry into force and effect) hereof.

The Commitment Fee will be charged if applicable with retroactive effect for the

period beginning twelve months after the signing of this Agreement and lasting

until the date of disbursement of the Loan in full or, if applicable, until the date of

definitive termination of disbursements from the Loan.

Section3.2.

Management Fee. The Borrower will pay KfW a non-refundable one-time lump-

sum management fee of 0,25 % of the Loan amount stated in

Article 1.1

(Amount) hereof ("Management Fee").

The Management Fee is payable on the earliest of the following two dates: (i)

before the disbursement or (ii) after six months have elapsed since the signing of

this Agreement by KfW or after one month has elapsed since the entry into force

and effect of this Agreement (whichever of the dates stated under (ii) occurs

later). The Management Fee is due for payment as soon as this Agreement has

been signed irrespective of whether the Loan is disbursed in full or only in part or

not at all.

4. Interest

Section4.1.

Variable Interest Rate with a fixed interest option. The Borrower will pay interest

on the Loan in accordance with the following provisions:

Variable Interest Rate. Unless a fixed interest rate applies pursuant to

c) (Change to fixed interest rate at the request of the Borrower),

the interest rate applicable for an Interest Period (as defined in

(Interest Period) shall be determined as a variable interest rate in

accordance with the definitions and terms as defined in Annex 9 (Variable

Rate Definitions) (the "Variable Rate Definitions") and the following

provisions (such variable interest rate, the "Variable Interest Rate"):

EURIBOR. The variable interest rate for the relevant Interest Period

shall be determined as the aggregate of

(aa) the EURIBOR valid for the relevant Interest Period; and

(bb) the margin of 0.9 % (in words: zero point nine percent) per annum (the "Margin").

KfW shall promptly notify the Borrower of the relevant EURIBOR and

the aggregate variable interest rate determined on this basis under

this paragraph as well as of the duration of the relevant Interest

Period.

ii)

Term €STR. If a Reference Rate Non-Utilisation Event has occurred

and is continuing in relation to EURIBOR on the applicable Reference

Rate Determination Date, the variable interest rate for the relevant

Interest Period shall be determined as the aggregate of

(aa) the Term €STR valid for the relevant Interest Period; and

(bb) the relevant Term €STR Credit Adjustment Spread; and

cc)

the Margin.

KfW shall promptly notify the Borrower of the relevant Term €STR

Reference Rate, the relevant Term €STR Adjustment Spread and the

aggregate variable interest rate determined on this basis under this

paragraph as well as of the duration of relevant Interest Period.

iii)

Compounded €STR Observation Shift. If a Reference Rate Non-

Utilisation Event has occurred and is continuing in relation to

EURIBOR and Term €STR on the applicable Reference Rate

Determination Date, the variable interest rate for the relevant Interest

Period shall be determined as the aggregate of

(aa) the Compounded €STR (Observation Shift) Calculated Daily Rate valid for the relevant Interest Period; and

(bb) the applicable Compounded €STR Credit Adjustment Spread; and

cc)

the Margin.

Lag time. When determining the variable interest rate under this

paragraph (iii), a Lag Time of thirty (30) TARGET Days shall apply.

iv)

Zero Floor. If the interest rate thus calculated falls below 0 % per

annum, the Variable Interest Rate will be 0 % per annum for the

relevant Interest Period.

Interest Calculation Adjustments. Further to the provisions of Articles

4.1 a) (ii), 4.1 a) (iii) and the Variable Rate Definitions, KfW may make

such further technical, administrative, operational and other

conforming changes and adjustments to these provisions as are

required to permit the administration, calculation and determination of

the relevant Reference Rate by KfW in a manner substantially

consistent with market practice or as are required by KfW to make the

interest provisions, in particular the timing and frequency of

determining rates, the calculation rules, the notification periods and

similar technical, administrative or operational measures,

administratively feasible for KfW. To this effect, KfW may send the

Borrower a notification (a "Technical Adjustment Notification")

which shall supplement and adjust this Agreement, and which shall,

upon receipt and acknowledgement by the Borrower, form an integral

part of this Agreement.

Interest Period. Interest period is the period from one Payment Date (as

defined in

Article 4.3

(Payment Dates) hereof) (including such date) to the next following Payment Date (excluding such date) with the exception of

the first interest period which will begin on the value date of the

disbursement of the relevant Loan amount and will end on the next

Payment Date (the "Interest Period").

If a Payment Date falls on a day that is not a Banking Day, it will be

adjusted in accordance with

Article 6.2

(Due date) hereof. In this case the

Interest Period will end on the day of the adjusted Payment Date and the

next Interest Period will commence on the adjusted Payment Date. The

interest rate applicable until the original expiry of the Interest Period will

apply to the adjusted Interest Period.

Change to Fixed Interest Rate at the request of the Borrower. After the last

disbursement from the Loan the Borrower may demand that a fixed interest

rate be applied for the full amount then outstanding in accordance with the

following provisions ("Interest Change") In the event the Borrower desires

an Interest Change, the following provisions will apply:

Fixed-interest period. The fixed-interest period extends from the date

from which the interest rate fixed on the basis of

c) (iv)

(Fixed interest rate) hereof below ("Fixed Interest Rate") is to be

applied at the request of the Borrower ("Date of Effectiveness") until

payment in full of the last repayment instalment; the Date of

Effectiveness must fall on a Payment Date.

ii)

Notification of KfW. The Borrower will notify KfW of its request for

Interest Change in a form that essentially matches Annex 5

(Specimen Application for Interest Change) hereof. The notification

must specify the desired Date of Effectiveness and must be received

in Frankfurt am Main, Federal Republic of Germany, by 12:00 noon

on the fifteenth Banking Day before the respective Date of

Effectiveness at the latest.

iii)

Interest rate quotation. In due time but not later than at 12:00 noon in

Frankfurt am Main, Federal Republic of Germany, on the fifth (5th)

Banking Day before the Date of Effectiveness, KfW will give the

Borrower a non-binding quotation of the fixed interest rate that would

be applicable pursuant to

c) (iv) (Fixed interest rate) hereof

if the change were to take place on the date of such quotation.

If the Borrower irrevocably confirms to KfW the Interest Change and

the Date of Effectiveness by 12:00 noon in Frankfurt am Main,

Federal Republic of Germany, on the fourth (4th) Banking Day before

the agreed Date of Effectiveness at the latest, KfW will then perform

the Interest Change as instructed and will inform the Borrower of the

Fixed Interest Rate determined on the Date of Effectiveness pursuant

c) (iv) (Fixed interest rate) hereof.

If the Borrower does not accept the Fixed Interest Rate offered by

KfW or if KfW has not received the Borrower's confirmation by 12:00

noon in Frankfurt am Main, Federal Republic of Germany, on the

fourth (4th) Banking Day before the respective Date of Effectiveness,

then KfW will not effect a change from the Variable to a Fixed Interest

Rate.

iv)

Fixed Interest Rate. KfW will determine the Fixed Interest Rate on the

basis of the capital market conditions then prevailing in the European

Monetary Union for long-term loans taking into consideration the

costs incurred by KfW plus a margin of 0.9 % (in words: zero point

nine percent) per annum. If the interest rate calculated accordingly

falls below 0 % per annum, the Fixed Interest Rate will be 0 % per

annum. The Fixed Interest Rate thus determined will apply until the

last repayment instalment has been received in accordance with the

repayment schedule set out in

(Repayment schedule)

hereof. KfW will inform the Borrower promptly of the Fixed Interest

Rate.

Non-Utilisation Fee. If following notification pursuant to

(iii)

(Interest rate quotation) hereof KfW has set a Fixed Interest Rate

for a Loan amount pursuant to

c) (Change to fixed interest

rate at the request of the Borrower) hereof and if the Borrower then

cancels the Interest Change or if the Interest Change is cancelled for

other reasons for which KfW is not accountable, the Borrower will

promptly pay to KfW upon its request a Non-Utilisation Fee. The Non-

Utilisation Fee will be determined by calculating the amount (if any)

by which:

KfW’s initial costs of funding the respective loan amount in the

Euro capital market (as determined on the date of on which

KfW has set a Fixed Interest Rate for a Loan amount pursuant

c) (Change to fixed interest rate at the request of the Borrower)) until the end of the fixed interest period applying

to the Loan Amount had the change-over to a Fixed Interest

Rate taken place as notified by the Borrower;

exceeds:

ii)

the amount of income which KfW would be able to obtain by

reinvesting an amount equal to the respective Loan amount in

the Euro capital market until the end of the fixed interest period.

The amount thus determined will be discounted by the applicable

reinvestment interest rate curve.

vi)

No reconversion. After an Interest Change, a reconversion from a

fixed interest rate to a variable interest rate is excluded.

Section4.2.

Interest calculation. Interest on a disbursed Loan amount will be charged from

the date (inclusively) on which the respective Loan amount is disbursed from the

Loan account held with KfW for the Borrower until the date (exclusively) on which

the respective repayments are credited to KfW's account specified in

Article 6.3

(Account number, time of crediting) hereof. If an Interest Change pursuant to

c) (Change to fixed interest rate at the request of the Borrower) hereof

has been effected, interest will be charged including the day on which the

repayments are credited, with no interest charged for the Date of Effectiveness.

Interest will be calculated in accordance with

Article 6.1

(Calculation) hereof.

Section4.3.

Payment Dates. Interest will be due in arrears for payment on the dates specified

below (each a "Payment Date"):

prior to the due date of the first repayment instalment, on 15 May and 15

November of each year but no earlier than on the Payment Date following

the day on which this Agreement enters into force and effect pursuant to

(Entry into force and effect) hereof;]

on the due date of the first repayment instalment pursuant to

(Repayment schedule) hereof together with such instalment;

thereafter on the due dates of the repayment instalments pursuant to Article

Section5.1

(Repayment schedule) hereof.

5. Repayment and prepayment

5.1. Repayment schedule. The Borrower will repay the Loan as follows:

Instalment	Due Date	Repayment installment in EUR
1	15 May 2027	7,941,176.47
2	15 November 2027	7,941,176.47
3	15 May 2028	7,941,176.47
4	15 November 2028	7,941,176.47
5	15 May 2029	7,941,176.47
6	15 November 2029	7,941,176.47
7	15 May 2030	7,941,176.47
8	15 November 2030	7,941,176.47
9	15 May 2031	7,941,176.47
10	15 November 2031	7,941,176.47
11	15 May 2032	7,941,176.47
12	15 November 2032	7,941,176.47
13	15 May 2033	7,941,176.47
14	15 November 2033	7,941,176.47
15	15 May 2034	7,941,176.47
16	15 November 2034	7,941,176.47
17	15 May 2035	7,941,176.48

← Pomerite tabelu levo/desno za više detalja →

This Repayment Schedule may be adjusted from time to time in accordance with

Article 5.5

(Revised repayment schedule).

Section5.2.

Undisbursed Loan amounts. Undisbursed Loan amounts will be offset against the

respective last repayment instalment due pursuant to the repayment schedule set

forth in

(Repayment schedule) hereof unless a different offsetting

method is agreed upon by the parties.

Section5.3.

Repayments in case of incomplete disbursement. If a repayment instalment is

due before the Loan has been disbursed in full, this will not affect the repayment

schedule pursuant to

(Repayment schedule) hereof as long as the

repayment instalment due under the repayment schedule is lower than the Loan

amount disbursed and not yet repaid ("Outstanding Loan Amount"). If the

repayment instalment due in accordance with

(Repayment schedule)

hereof exceeds the Outstanding Loan Amount, such repayment instalment will be

reduced to the level of the Outstanding Loan Amount and the difference will be

allocated evenly to the repayment instalments still outstanding. In computing the

Outstanding Loan Amount KfW reserves the right to consider disbursements from

the Loan that are made within a period of 45 or fewer days before a Payment

Date to determine the Outstanding Loan Amount only for the next ensuing

Payment Date.

Section5.4.

Prepayment. The following will apply to prepayments:

Right to prepayment. Subject to the following paragraphs 5.4 b)

(Notification) to 5.4 e) (Offsetting) hereof, the Borrower has the right to

repay Loan amounts before the scheduled due date if this prepayment is at

least in the amount of a repayment instalment pursuant to

(Repayment schedule) hereof.

Notification. Prepayment of a Loan amount pursuant to

a) (Right

to prepayment) hereof is subject to notification of the prepayment by the

Borrower to KfW no later than on the fifteenth Banking Day prior to the

intended prepayment date. Such notice is irrevocable; it must specify the

date and the amount of the prepayment and obligates the Borrower to pay

to KfW the stated amount on the stated date.

Prepayment Fee. If the Borrower prepays

(i)

a fixed interest Loan amount; or

(ii)

a Loan amount with a Variable Interest Rate before the end of the

corresponding Interest Period, the Borrower will immediately pay to KfW on demand such amount as is

necessary to compensate for any losses, expenses or costs incurred by

KfW as a result of such prepayment (the "Prepayment Fee"). KfW will

determine the amount of the Prepayment Fee and communicate it to the

Borrower. At the request of the Borrower KfW will provide the Borrower with

an indication of the amount of the Prepayment Fee prior to the required

irrevocable notification of the repayment pursuant to

(Notification) hereof.

Amounts due. Together with the prepayment pursuant to

(Right to prepayment) hereof, the Borrower will pay the following amounts:

any Prepayment Fee due as a result of the prepayment pursuant to

c) (Prepayment Fee) hereof; and

ii)

all interest accrued on the prepaid Loan amount and any other

payments still outstanding under this Agreement that have accrued

until the date of the prepayment.

Offsetting. Prepaid Loan amounts will be offset against the respective last

repayment instalment due pursuant to the repayment schedule set forth in

(Repayment schedule) hereof unless KfW at its own discretion

after prior consultation with the Borrower chooses another offsetting

alternative in individual cases.

Section5.5.

Revised repayment schedule. In case of any application pursuant to

Article 5.3

(Repayments in case of incomplete disbursement) or

(Prepayment),

KfW shall send the Borrower a revised repayment schedule which shall form an

integral part of this Agreement and replace any repayment schedule applicable at

the time of such replacement after the last disbursement under the Loan by KfW.

6. Calculations and payments in general

Section6.1.

Calculation. The following will apply to the calculation of interest, Commitment

Fee, default interest pursuant to

Article 6.5

(Default interest) hereof, lump-sum

compensation payments for overdue amounts pursuant to

Article 6.6

(Lump-sum

compensation) hereof, Non-Utilisation Fee and Prepayment Fee:

If a variable interest rate is applied to the respective Loan amount, interest,

default interest, lump-sum compensation payments for overdue amounts,

Non-Utilisation Fee and Prepayment Fee will be calculated on the basis of

a 360-day year and the actual number of days elapsed.

If a fixed interest rate is applied to the respective Loan amount, interest,

default interest, lump-sum compensation payments for overdue amounts,

Non-Utilisation Fee and Prepayment Fee will be calculated on the basis of

a 360-day year and thirty-day months.

The Commitment Fee will be calculated on the basis of a 360-day year with

thirty-day months.

Section6.2.

Due date. If a payment to be made in connection with this Agreement falls due on

a date that is not a Banking Day, the Borrower must make such payment on the

following Banking Day. If the following Banking Day falls within the next calendar

month, such payment must be made on the last Banking Day of the current

calendar month.

Section6.3.

Account number, time of crediting. The Borrower will be released from its

payment obligations in connection with this Agreement if and to the extent that

the respective amounts have been credited to KfW at its free disposal without

any deductions in euros and no later than at 10.00 a.m. in Frankfurt am Main,

Federal Republic of Germany, to KfW's account in Frankfurt am Main, Federal

Republic of Germany, number IBAN DE92 5002 0400 3122 3012 32, stating the

due date as an additional reference ("Ref. YYYYMMDD").

Section6.4.

Counterclaims of the Borrower. The Borrower is not entitled to assert any rights

of retention or set-off or comparable rights against payment obligations under this

Agreement unless such rights are (i) established by means of a final and binding

(rechtskräftig) court decision or arbitral award or (ii) not contested by KfW.

Section6.5.

Default interest. If any repayment instalments or prepayments pursuant to Article

5.4 (Prepayment) hereof are not at the disposal of KfW when due, KfW may

without prior reminder charge default interest for the period beginning on the due

date and ending on the date on which such payments are credited to the account

of KfW specified in

Article 6.3

(Account number, time of crediting) hereof at the

rate of 200 basis points above the Variable Interest Rate per annum determined

by KfW for the relevant Interest Period pursuant to Article 4 (Interest) hereof. Such default interest must be paid immediately upon KfW's first demand. If

interest accrued on the overdue amounts at a Fixed Interest Rate pursuant to

c) (Change to Fixed interested rate at the request of the Borrower)

hereof until their due date, KfW may alternatively demand payment of default

interest from the due date until the date of payment at a rate of 200 basis points

above this Fixed Interest Rate per annum.

Section6.6.

Lump-sum compensation. KfW may without prior reminder request lump-sum

compensation on overdue amounts (with the exception of the repayment

instalments and prepayments mentioned in

Article 6.5

(Default interest) hereof)

from the due date until the date of payment at a rate of 200 basis points above

the Variable Interest Rate per annum determined by KfW for the relevant Interest

Period pursuant to Article 4 (Interest) hereof. If the Variable Interest Rate was

changed to a Fixed Interest Rate pursuant to

c) (Change to Fixed

Interest Rate at the request of the Borrower) hereof, KfW may alternatively

demand payment of a lump sum compensation on the overdue amounts from the

due date until the date of payment at a rate of 200 basis points above this Fixed

Interest Rate per annum. The lump-sum compensation must be paid immediately

upon KfW's first demand. The Borrower is free to demonstrate that no damages

have occurred or that the damages were less than the lump-sum compensation.

Section6.7.

Offsetting. KfW has the right to offset payments received against payments due

under this Agreement.

Section6.8.

Calculations made by KfW. Absent manifest errors, the values calculated by KfW

and calculations performed by KfW of amounts due in connection with this Loan

Agreement constitute prima-facie evidence (Anscheinsbeweis).

7. Guarantee from the Federal Republic of Germany

KfW will have payment claims under this Agreement guaranteed by the Federal

Republic of Germany prior to the first disbursement.

8. Illegality

If, in any applicable jurisdiction, it becomes unlawful for KfW to perform any of its

obligations as contemplated by this Agreement or to fund or maintain the Loan,

upon KfW notifying the Borrower

the commitment of KfW will be immediately cancelled, and

the Borrower shall repay the Loan in full on the last day of the Interest

Period in which KfW has notified the Borrower or, if earlier, the date

specified by KfW in the notice delivered to the Borrower (being no earlier

than the last day of any applicable grace period permitted by law).

For the avoidance of doubt, any cancellation hereunder will be subject to

(Non-Utilisation Fee) and any repayment of the Loan hereunder constitutes a prepayment and will be subject to the provisions set out in

c) (Prepayment Fee) and d) (Amounts due).

9. Costs and public charges

Section9.1.

No deductions or withholdings. The Borrower will make all payments under this

Agreement without any deductions for taxes, other public charges or other costs.

In the event that the Borrower is required by law or for any other reason to make

deductions or withholdings from any payments, then it shall pay any such

necessary additional amounts to KfW so that the net amount remaining after any

withholding or deduction corresponds to the amount which would have been

payable had no such deduction or withholding been made.

Section9.2.

Costs. The Borrower will bear all costs and expenses accruing in connection with

the disbursement and repayment of the Loan, in particular remittance and

transfer costs (including conversion fees), as well as all costs and expenses

accruing in connection with the maintenance or enforcement of this Agreement

and of any other document related to this Agreement as well as of all rights

resulting therefrom.

Section9.3.

Taxes and other charges. The Borrower will bear all taxes and other public

charges accruing outside the Federal Republic of Germany in connection with the

conclusion and execution of this Agreement. If KfW advances such taxes or

charges, the Borrower will transfer them without delay upon request to KfW's account specified in

Article 6.3

(Account number, time of crediting) hereof or to

such other account as specified by KfW.

10. Special obligations

Section10.1.

Programme implementation and special information. The Borrower

will prepare, implement, operate and maintain the Programme in conformity

with sound financial and technical practices, in compliance with

environmental and social standards and substantially in accordance with

the Programme conception agreed upon between the Borrower and KfW;

shall ensure that the activities of its departments and agencies with respect

to carrying out the Programme are conducted and coordinated in

accordance with sound administrative policies and procedures;

will ensure the full financing of the Programme and furnish to KfW upon its

request evidence proving that the costs not paid from this Loan are

covered;

will keep books and records or have books and records kept that

unequivocally show the implementation and progress of the Programme;

will enable KfW and its agents at any time to inspect such books and

records and any and all other documentation relevant to the implementation

of the Programme;

will furnish to KfW any and all such information and records on the

Programme and its further progress as KfW may request;

will, immediately and on its own initiative,

(i)

forward to KfW any queries received by the Borrower from the OECD

or its members under the so-called "Agreement for Untied ODA

Credits Transparency" and will coordinate the reply to any such

queries with KfW, and

ii)

notify KfW of any and all circumstances that preclude or seriously

jeopardise the implementation, the operation or the purpose of the

Programme and

will furnish to KfW all Programme-related information provided to WB

and/or AFD, at the same time at which such information is forwarded to

these institutions.

Section10.2.

Details of Programme implementation. The details pertaining to

Article 10.1

(Programme implementation and special information) hereof are set out in Annex

7 ("Programme Design”). The Borrower undertakes to comply at all times with

the obligations set out therein.

Section10.3.

Compliance Undertaking. The Borrower undertakes to comply at all times with

the obligations set out in Annex 6 (Compliance Covenants).

Section10.4.

Programme Monitoring. The Borrower and KfW shall from time to time, at the

request of either party, consult and exchange views on the development of the

Programme and progress achieved with regard to the implementation of the

sector reforms. Prior to each such consultation and exchange of views, the

Borrower shall furnish to KfW for its review and comment a report on the

progress achieved in the implementation of the Programme, in such detail as

KfW may reasonably request.

Section10.5.

Pari passu ranking. The Borrower warrants and represents that its obligations

under this Agreement rank and will be serviced at least pari passu with all other

unsecured and not subordinated payment obligations, and the Borrower will

ensure to the extent permitted by law that this ranking is also assured for all

future unsecured and not subordinated payment obligations.

11. Termination of the Agreement

Section11.1.

Reasons for termination. KfW may exercise the rights set out in

Article 11.2

(Legal consequences of the occurrence of a cause for termination) hereof if a

circumstance arises that constitutes good cause (Wichtiger Grund). These

include, in particular, the following circumstances:

the Borrower fails to perform payment obligations to KfW when due;

obligations under this Agreement as well as any other legally binding

additional agreements to this Agreement are violated;

this Agreement or any part thereof no longer has a binding effect upon the

Borrower or can no longer be enforced against the Borrower;

any declaration, confirmation, information, representation or warranty

considered by KfW to be essential for the granting and maintaining of the

Loan proves to be false, misleading or incomplete;

other extraordinary circumstances occur which delay or preclude the

performance of obligations under this Agreement;

the Borrower is unable to prove that the Loan amounts have been used for

the stipulated purpose;

the Borrower discontinues its payments to creditors, is insolvent or

commences negotiations with one or more of the Borrower's creditors on a

moratorium, waiver of debts outstanding, deferment of payments or

discontinuation of the debt service.

Section11.2.

Legal consequences of the occurrence of a cause for termination. If one of the

events mentioned in

Article 11.1

(Reasons for termination) hereof has occurred,

KfW may immediately suspend disbursements under this Agreement. If this event

is not resolved within a period of five days (in the case of

Article 11.1

a) hereof)

or in all other cases of

Article 11.1

(Reasons for termination) hereof within a

period determined by KfW which, however, shall be at least 30 days, KfW may

cancel this Agreement in whole or in part with the consequence that its

obligations under this Agreement cease and KfW may demand the immediate

repayment of all or part of the Outstanding Loan Amount together with the

interest accrued and the remaining amounts owed under this Agreement. Articles

6.5 (Default interest) and 6.6 (Lump-sum compensation) hereof apply to

accelerated amounts mutatis mutandis.

Section11.3.

Compensation for damages. If this Agreement is terminated in full or in part the

Borrower will pay Non-Utilisation Fee in accordance with

(Non-

Utilisation Fee) and/or Prepayment Fee in accordance with

(Prepayment Fee).

12. Representation and statements

Section12.1.

Representation of the Borrower. The Minister of Finance and such persons as

designated by him or her to KfW and authorised by specimen signatures

authenticated by him or her will represent the Borrower in the execution of this

Agreement. The powers of representation will not expire until their express

revocation by the representative of the Borrower authorised at such time has

been received by KfW.

Section12.2.

Addresses: Declarations or notifications in connection with this Agreement must

be in writing. They must be sent as originals. Any and all declarations or

notifications made in connection with this Agreement must be sent to the

following addresses:

For KfW: KfW

Postfach 11 11 41

60046 Frankfurt am Main

Germany

Fax: +49 69 7431-2944

For the Borrower: Ministry of Finance

Kneza Milosa 20, 11000 Belgrade

Republic of Serbia

13. Publication and transfer of programme-related information

Section13.1.

Publication of programme-related information by KfW. To comply with

internationally accepted principles of utmost transparency and efficiency in the

development cooperation, KfW publishes selected information (including results

of environmental and social categorization and assessment as well as ex post

evaluation reports) about the Programme and its financing during pre-contractual

negotiations, while the Programme-related agreement(s) is (are) being

implemented and in the post-contractual stage (hereinafter referred to as the

"Entire Period"). The information is published regularly on the website of KfW Development Bank (https://www.kfw.de/microsites/Microsite/transparenz.kfw.de/#/start).

The publication of information (either by KfW or third parties in accordance with

Article 13.3

(Transfer of programme related information to third parties and publication by these) below) about the Programme and its financing does not include any contractual documentation or any sensitive financial or business- related detailed information about the parties involved in the Programme or its financing, such as

information about internal financial data;

business strategies;

internal corporate guidelines and reports;

personal data of natural persons;

KfW's internal rating of the parties’ financial position.

Section13.2.

Transfer of programme-related information to third parties. KfW shares selected

information about the Programme and its financing during the Entire Period with

the entities mentioned below, particularly to ensure transparency and efficiency:

subsidiaries of KfW;

the Federal Republic of Germany and its competent bodies, authorities,

institutions, agencies or entities;

other implementing organisations involved in German bilateral development

cooperation, particularly the Deutsche Gesellschaft für Internationale

Zusammenarbeit (GIZ) GmbH;

international organisations involved in collecting statistical data and their

members, especially the Organisation for Economic Cooperation and

Development (OECD), the Paris Club and their respective members

(including, for the avoidance of doubt, the participants and observers of the

Paris Club);

World Bank (WB);

Agence Française de Développement (AFD).

Section13.3.

Transfer of programme-related information to third parties and publication by

these. Furthermore, the Federal Republic of Germany has requested KfW to share selected information about the Programme and its financing throughout the

Entire Period with the following entities, which publish the sections relevant to the

purpose:

Federal Republic of Germany for the purposes of the International Aid

Transparency Initiative (https://www.bmz.de/en/ministry/facts-

figures/project-and-organisation-data)

Germany Trade & Invest (GTAI) for the purposes of market information

(https://www.gtai.de/de/trade)

OECD for the purpose of reporting financial flows in the framework of

development cooperation (https://www.oecd.org/)

German Institute for Development Evaluation (DEval) for the purposes of

evaluating the overall German development cooperation to ensure

transparency and efficiency (https://www.deval.org/en/).

Section13.4.

Transfer of programme-related information to other third parties (including

publication by these). KfW further reserves the right to transfer (including for the

purposes of publication) information about the Programme and its financing

during the Entire Period to other third parties so as to safeguard legitimate

interests.

The information is not transferred by KfW to other third parties if the legitimate interests of the Borrower in the information not being transferred outweigh KfW's interests in it being transferred. The legitimate interests of the Borrower particularly include the confidentiality of the sensitive information mentioned in

Article 13.1

(Publication of programme-related information by KfW), which is excluded from publication.

Furthermore, KfW is entitled to transfer information to third parties if this is necessary due to statutory or regulatory requirements or to assert or defend claims or other legal rights in court or administrative proceedings.

14. General provisions

Section14.1.

Banking Day.

"Banking Day" means each day (other than a Saturday or Sunday), on which commercial banks are open for general business in Frankfurt am Main, Germany; provided that for the purposes of defining any repayment date, Reference Rate Determination Date and Payment Date in relation to a Loan provided hereunder and for determining any dates for disbursement or other payments thereunder, such day must in addition be a TARGET Day.

"TARGET Day" means any day on which the Trans-European Automated Real-

time Gross Settlement Express Transfer System (TARGET) is open for

payments.

Section14.2.

Place of performance. The place of performance for all obligations under this

Agreement is Frankfurt am Main, Federal Republic of Germany.

Section14.3.

Partial invalidity and gaps. If any provision of this Agreement is or becomes

invalid, or if there is a gap in any of the provisions of this Agreement, this will not

affect the validity of the remaining provisions hereof. The parties to this

Agreement will replace any invalid provision by a legally valid one which comes

as close as possible to the spirit and purpose of the invalid provision. The parties

will fill any gap in the provisions with a legally valid provision which comes as

close as possible to the spirit and purpose of this Agreement.

Section14.4.

Written form. Any addenda and amendments to this Agreement must be in

writing. The parties may waive the written form requirement only in writing.

Section14.5.

Assignment. The Borrower may not assign or transfer, pledge or mortgage any

claims from this Loan Agreement.

Section14.6.

Applicable law. This Agreement is governed by German law.

Section14.7.

Limitation period. All claims of KfW under this Agreement expire after five years

from the end of the year in which such claim has arisen and in which KfW has

become aware of the circumstances constituting such claim or could have

become aware of them without gross negligence.

Section14.8.

Waiver of immunity. If and to the extent that the Borrower may now or in future in

any jurisdiction claim immunity for itself or its assets and to the extent that a

jurisdiction grants immunity to the Borrower and its assets from suit, execution,

attachment or other legal process, the Borrower irrevocably agrees to waive such

immunity for claims from and in connection with this Loan Agreement to the

fullest extent permitted by the laws of such jurisdiction. Foregoing waiver of

immunity shall not apply to property which is (i) used by diplomatic, consular, special missions and missions of international organzations or of international

conferences of the Borrower’s Country or (ii) of a military character and under the

control of a military authority.

Section14.9.

Legal disputes.

Arbitration. All disputes arising out of or in connection with this Loan Agreement

will be settled exclusively and finally by an arbitration tribunal. In this regard, the

following will apply:

The arbitration tribunal will consist of one or three arbitrators who will

be appointed and will act in accordance with the Arbitration Rules of

the International Chamber of Commerce (ICC) applicable from time to

time.

ii)

The arbitration proceeding will be conducted in Frankfurt am Main.

The language of the proceeding will be English.

Section14.10.

Entry into force and effect. With the exception of this

, the Loan

Agreement will not enter into force and effect until:

the Loan Agreement has been ratified by the National Assembly of the

Republic of Serbia, and

the Borrower has provided KfW with a written confirmation without undue

delay after ratification that the Loan Agreement has been duly ratified and

published according to applicable law.

Should the Loan Agreement not have entered into force and effect within twelve

months following the date the last party has signed this Loan Agreement, KfW

may, as of the day following the end of the twelve months period until the date of

entry into force, unilaterally withdraw from this Loan Agreement and thus

terminate its provisional ineffectiveness by sending a written notification to the

Borrower. In this event the Borrower will pay Non-Utilisation Fee in accordance

with

(Non-Utilisation Fee).

Section14.11.

Information concerning

Article 14.10.

KfW will send the Borrower a letter in form

and substance similar to the letter set out in Annex 4 to the Loan Agreement. Done in 4 originals in the English language.

Frankfurt am Main, 18.07.2025 Belgrade, 18.07.2025

KfW For the Republic of Serbia

___________________________ ___________________________

Name: Florian Sekinger Name: SINIŠA MALI

Title: Head of Division Title: FIRST DEPUTY PRIME

MINISTER AND MINISTER OF FINANCE

___________________________

Name: Carsten Sandhop

Title: Büroleiter

Annex 1 – Drawdown Notice

Annex 2 – Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia

Annex 3 – Confirmation letter from KfW regarding the German Government

Guarantee

Annex 4 – Information concerning

Annex 5 – Specimen Application for Interest Change

Annex 6 – Compliance Covenants Borrower

Annex 7 – Programme Design

Annex 8 – Policy and Results Matrix

Annex 9 – Variable Rate Definitions

Annex 1

Drawdown Notice

[Letterhead of Borrower]

To: KfW

Department: OSb7

Palmengartenstraße 5-9

60325 Frankfurt am Main

Federal Republic of Germany

Request for disbursement N° ....

Re.: Loan Agreement N° .... dated _____________ for an amount of EUR

We refer to Article 2 of the above mentioned Loan Agreement (as defined therein) and we hereby irrevocably and unconditionally request to disburse a Loan Amount of EUR ............... (in words: ....... Euro) to our following account, value [Date]:

For disbursements:

Final Beneficiary:	SWIFT Field 59 (MT 103) / Field 58 (MT202)
Final Beneficiary IBAN / Account Number:
Account Holding Bank Name:	SWIFT Field 57
Account Holding Bank BIC:
IBAN / Account Number of Account Holding Bank with Intermediary Bank
Intermediary Bank Name:	SWIFT Field 56 In addition (if the beneficiary’s bank is not located in the country of the currency of payment the name and BIC of the bank’s correspondent in that country must be provided)
Intermediary Bank BIC:
Reference:

← Pomerite tabelu levo/desno za više detalja →

We hereby confirm that all the conditions for disbursement as stated in Article 2 including in particular the condition set out in Art 2.3 h) of the above mentioned Loan Agreement have been satisfied.

We hereby confirm that the above mentioned Loan Agreement is still in full force and effect that with reference to the Loan Agreement no reason for termination and no potential reason for termination (each as defined therein) exists.

………………………………..

at …......................... 20-----------

..................................... ................................

Name:

Position:

Annex 2

Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia

[Letterhead of Legal Opinion's]

KfW _____________ Department [ ] (date) Attn: [ ] Palmengartenstrasse 5 - 9 Postfach 11 11 41 60325 Frankfurt am Main/Germany

Federal Republic of Germany

Loan Agreement dated and made between KfW and [ ]

("Borrower") for an amount not exceeding in aggregate EUR .000.000,--.

Dear Sirs,

I am [Minister of Justice of] [legal adviser to] [head of the legal department of] (please specify ministry or other authority) of] the Republic of Serbia. I have acted in that capacity in connection with a loan agreement, dated (the "Loan Agreement"), and made between the Borrower and yourselves with respect to a loan to be granted by yourselves to the Borrower in an amount not exceeding in aggregate EUR .000.000,--.

1. Documents examined

I have examined:

1.1 an authentic signed original of the Loan Agreement;

1.2 the constitutional documents of the Borrower, in particular:

(a)

the Constitution of the Republic of Serbia, dated , duly published in , No , page , as amended;

(b)

Law(s) No dated , duly published in , No , page , as amended [please insert here, if existing, laws (e.g. budget laws) concerning the borrowing of money by the Republic of Serbia];

(c)

[please refer here to other documents, e.g. decrees or resolutions by governmental or administrative bodies of the Republic of Serbia relating to the conclusion of loan agreements by the Republic of Serbia in general or with regard to the conclusion of the Loan Agreement].

and such other laws, regulations, certificates, records, registrations and documents as I have deemed necessary or desirable to examine. In addition, I have made such investigations as I have deemed necessary or desirable for the purpose of giving this opinion.

2. Opinion

For the purposes of Article of the Loan Agreement, I am of the opinion that under the laws of the Republic of Serbia at the date hereof:

2.1 According to Article of the Constitution / Article of the law on [please specify as appropriate] the Borrower is entitled to enter into the Loan Agreement and has taken all necessary action to authorise the execution, delivery and performance of the Loan Agreement, in particular by virtue of:

(a)

Law(s) No(s) dated of the parliament of the Republic of Serbia, ratifying the Loan Agreement / approving the execution, delivery and performance of the Loan Agreement by the Borrower / [please insert as appropriate];

(b)

Resolution(s) No(s) dated of the Cabinet of Ministers / of the state loan committee / [please insert governmental or administrative bodies of the Republic of Serbia as appropriate];

(c)

[please refer to other resolutions, decisions etc.].

2.2 Ms./Mr. (and Ms./Mr. ) is (are) duly authorised by [e.g. by law due to her / his position (as Minister of / as ), by government resolution , by power of attorney of dated , etc.] to sign solely / jointly the Loan Agreement on behalf of the Borrower. The Loan Agreement as signed by Ms./Mr. (and Ms./Mr. ) has been duly executed on behalf of the Borrower and constitutes legally binding obligations of the Borrower enforceable against it at law in accordance with its terms. [Alternative 1 for Section 2.3, to be used if in addition to the documents specified in Section 2.1 and 2.2 certain official authorisations etc. must be obtained under the laws of the Republic of Serbia:]

2.3 For the execution and performance of the Loan Agreement by the Borrower (including without limitation the obtaining and transfer to KfW of all amounts due thereunder in the currencies specified therein), the following official approvals, authorisations, licenses, registrations and / or consents have been obtained and are in full force and effect:

(a)

Approval of the [Central Bank / National Bank / ], dated , No ;

(b)

Consent of the [Minister / Ministry of ], dated , No ; and

(c)

[please list any other official authorisations, licenses and / or consents].

No other official authorisations, consents, licenses, registrations and / or approvals of any governmental authority or agency (including the Central / National Bank of the Republic of Serbia) or court are required or advisable in connection with the execution and performance of the Loan Agreement by the Borrower (including without limitation the obtaining and transfer to KfW of all amounts due thereunder in the currencies specified therein) and the validity and enforceability of the Borrower’s obligations under the Loan Agreement.

[Alternative 2 for Section 2.3, to be used only if in addition to the documents specified in Section 2.1 and 2.2 no official authorisations etc. must be obtained under the laws of the Republic of Serbia:]

2.3 No official authorisations, consents, licenses, registrations and / or approvals of any governmental authority or agency (including the Central / National Bank of the Republic of Serbia) or court are required or advisable in connection with the execution and performance of the Loan Agreement by the Borrower (including without limitation the obtaining and transfer to KfW of all amounts due thereunder in the currencies specified therein) and the validity and enforceability of the Borrower's obligations under the Loan Agreement.

2.4 No stamp tax or similar tax or duty has to be paid in connection with the validity or enforceability of the Loan Agreement.

2.5 The choice of German law to govern the Loan Agreement and the submission to arbitration in accordance with Article of the Loan Agreement are valid and binding. Arbitration awards against the Borrower will be recognised and enforceable in the Republic of Serbia according to the following rules: [please insert applicable treaty (if any), e.g. the 1958 New York Convention, and / or the basic principles regarding recognition and enforcement of arbitration awards in the Republic of Serbia].

2.6 The courts of the Republic of Serbia are at liberty to give judgment de-nominated in the currency or currencies specified in the Loan Agreement. 2.7 The borrowing by the Borrower under the Loan Agreement and the execution and performance by the Borrower of the Loan Agreement constitute private and commercial acts and not governmental or public acts. Neither the Borrower nor any of its property (with the exception of property to which the waiver of immunity does not apply in accordance with Article [14.8] of the Loan Agreement) has any right of immunity from arbitration, suit, execution, attachment or other legal process.

2.8 Pursuant to the [please specify treaty or applicable laws and regulations] the Borrower will not be required to make any deduction or withholding from any payment the Borrower has to make under the Loan Agreement and should any such deduction or withholding be subsequently imposed, the provisions of Article of the Loan Agreement shall operate so as to require the Borrower to indemnify KfW accordingly.

2.9 KfW is not and will not be deemed to be resident, domiciled, carrying on business or be subject to taxation in the Republic of Serbia by reason only of the execution, performance or enforcement of the Loan Agreement. It is not necessary or advisable that KfW be licensed, qualified or otherwise entitled to carry on business or that KfW appoints agents or representatives in the Republic of Serbia.

Consequently, the obligations of the Borrower under the Loan Agreement constitute direct and unconditional, legal, valid and binding obligations of the Borrower which are enforceable against the Borrower in accordance with their respective terms.

This legal opinion is limited to the laws of the Republic of Serbia.

, ________ (Place) (Date)

[Signature] Name:

Enclosures:

Note: Please attach certified photocopies of the documents and legal provisions

referred to above (with respect to lengthy laws or the Constitution of the Republic

of Serbia, a copy of the relevant provisions would be sufficient) and also provide

KfW with an official English or German translation of each of the above documents

unless such document is issued in English or German as an official language or

unless KfW has indicated that another language is satisfactory.

Annex 3

Confirmation letter from KfW regarding the German Government Guarantee

Financial Cooperation between the Republic of Serbia and the Federal Republic of Germany

Programme:

Guarantee of the Federal Republic of Germany for the Loan

Dear Sirs,

We herewith confirm that we have received the Guarantee of the Federal Republic of Germany for the Loan as stipulated in the Loan Agreement dated ___________ for the Programme: _________________________________________________

Yours sincerely,

KfW

____________________ _____________________

Annex 4

Information concerning Article 14.10

[Insert address MoF]

Financial Cooperation between the Republic of Serbia and the Federal Republic of Germany

Loan Agreement (Loan ID: 31812) amounting to EUR 135 million Euros between KfW and the Republic of Serbia for the Programme: “_____________________________” (BMZ- No. 525000880), signed on ______ 20__ (the “Loan Agreement”)

Dear Madam or Sir,

Reference is made to the Loan Agreement and your request to receive a confirmation from KfW regarding the entry into force of the Loan Agreement.

We herewith would like to confirm receipt of your confirmation on ratification dated ____________ in accordance with Article 14.10 b) of the Loan Agreement.

To our positive knowledge, the requirements for the entry into force of the Agreement as set out in Article 14.10 of the Loan Agreement have been fulfilled on ____________.

Therefore, the payment of the management fee is due and payable on [insert date].

The confirmation is given on the date of its signing and the statements above shall not constitute a legal opinion nor legal advice in relation to German law or any other applicable law and do not limit or replace the fulfillment of the disbursement requirements as further specified in the Loan Agreement.

Yours sincerely,

KfW

Annex 5

Specimen Application for Interest Change

KfW Postfach 11 11 41 60046 Frankfurt am Main Federal Republic of Germany

Application for Interest Change

Brief Programme description: _____________ Date of the Loan Agreement: _____________ Loan amount: _____________

In accordance with Article 4.1 c) ii) (Notification of KfW) of the Loan Agreement we request you to change the interest rate for the Loan specified above from the Variable Interest Rate to a Fixed Interest Rate from the Date of Effectiveness , which is a Payment Date pursuant to Article 4.3 (Payment Dates) of the Loan Agreement.

____, _______________ (Place) (Date)

_________________________________________ (Signature of Borrower)

Annex 6

Compliance Covenants Borrower

1. DEFINITIONS

Coercive Practice: the impairing or harming, or threatening to impair or harm, directly or indirectly, any person or the property of the person with a view to influence improperly the actions of a person.

Collusive Practice: an arrangement between two or more persons designed to achieve an improper purpose, including to influence improperly the actions of another person.

Corrupt Practice: the promising, offering, giving, making, insisting on, receiving, accepting or soliciting, directly or indirectly, of any illegal payment or undue advantage of any nature, to or by any person, with the intention of influencing the actions of any person or causing any person to refrain from any action.

Fraudulent Practice: any action or omission, including misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a person to obtain a financial benefit or to avoid an obligation.

EU List: EU list of non-cooperative tax jurisdictions as defined and updated from time to time by the EU Commission including the associated Annex I and Annex II (for further details please see https://www.consilium.europa.eu/de/policies/eu-list-of-non-cooperative- jurisdictions). Annex I includes jurisdictions that are classified as non-cooperative and Annex II includes further jurisdictions (‘Annex II Jurisdictions’ or ‘Committed Jurisdictions’) that have taken sufficient commitments to address their identified deficiencies and as such have not been considered as non-cooperative for the time being.

Obstructive Practice: (i) deliberately destroying, falsifying, altering or concealing evidence material to the investigation or the making of false statements to investigators, in order to materially impede an official investigation into allegations of a Corrupt Practice, Fraudulent Practice, Coercive Practice or Collusive Practice, or threatening, harassing or intimidating any person to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii) any act intended to materially impede the exercise of KfW's access to contractually required information in connection with an official investigation into allegations of a Corrupt Practice, Fraudulent Practice, Coercive Practice or Collusive Practice.

Person: any natural person, legal entity, partnership or unincorporated association.

Sanctionable Practice: any Coercive Practice, Collusive Practice, Corrupt Practice, Fraudulent Practice or Obstructive Practice (as such terms are defined herein), which (i) is unlawful under German or other applicable law, and (ii) which has, or potentially could have, a material legal or reputational effect on this Agreement between the Borrower and KfW or its implementation.

Sanctions: the economic, financial or trade (including goods, technologies or services and financial assistance in connection therewith) sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctioning Body

Sanctioning Body: any of the United Nations Security Council, the European Union and the Federal Republic of Germany.

Sanctions List: any list of specially designated persons, groups or entities which are subject to Sanctions, as issued by any Sanctioning Body. Tax Avoidance Practice: any act of taking advantage of the technicalities of a tax system and/or jurisdiction or of mismatches between two or more tax systems and/or jurisdictions without any sound business reasons except for the sole purpose of reducing tax liability.

2. INFORMATION UNDERTAKING

The Borrower shall

promptly make available to KfW on demand all relevant "know your customer" or

similar information about the Borrower as KfW may request;

promptly furnish to KfW on demand all Programme-related information and documents of the Borrower and its (sub)contracting and other related parties which

KfW requires to fulfil its obligations to prevent any Sanctionable Practice, money laundering and/or terrorism financing as well as for the continuous monitoring of the business relationship with the Borrower which is necessary for this purpose;

inform KfW, promptly and of its own accord, as soon as it becomes aware of or suspects any Sanctionable Practice, act of money laundering and/or terrorism financing related to the Programme;

furnish to KfW any and all such information and reports on the Programme and its further progress as KfW may request for the purposes of this Annex;

enable KfW and its agents at any time to inspect all other Programme-related

documentation of the Borrower and its (sub)contracting and other related parties, and to visit the Programme and all installations related thereto for the purposes of this Annex;

inform KfW, promptly and of its own accord, in case the Borrower intends to allocate funds provided by KfW to (sub)contracting and / or other related parties, which are located and/or registered in any country listed in non cooperative jurisdictions as of

EU List Annex I; and

inform KfW, promptly and of its own accord, as soon as it becomes aware of or suspects any Tax Avoidance Practice related to the Programme.

3. REPRESENTATION AND WARRANTY

3.1 With regard to German law or the law of the country of the Borrower, the Borrower

represents and warrants that none of the Persons acting in relation to the Programme on the Borrower’s behalf has committed or is engaged in any Sanctionable Practice, money laundering ,financing of terrorism or any Tax

Avoidance Practice.

3.2 The representation and warranty set forth in this Article is made for the first time by execution of this Agreement. It will be deemed to be repeated upon each drawing of

the Loan and on each interest payment date, in each case by reference to the circumstances prevailing at that date.

4. POSITIVE UNDERTAKINGS

The Borrower undertakes, as soon as the Borrower or KfW becomes aware of or suspects any Sanctionable Practice, act of money laundering, financing of terrorism or any Tax Avoidance Practice, to fully cooperate with KfW and its agents, in determining whether such compliance incident has occurred. In particular, the Borrower shall respond promptly and in reasonable detail to any notice from KfW and shall furnish documentary support for such response upon KfW's request. 5. NEGATIVE UNDERTAKINGS

The Borrower undertakes

to ensure that in relation to the Programme its activities will not give rise to any Sanctionable Practice, money laundering or financing of terrorism;

not to enter into any transactions or engage directly or indirectly in any other activities in relation to the Programme that would constitute a breach of Sanctions; and

not to allocate funds provided by KfW to any Person located and/or registered in any jurisdiction maintained in Annex I of the EU List without prior consent of KfW and will not engage in any other activity that would constitute a Tax Avoidance Practice.

Annex 7

Programme Design

1. Programme Design

1.1 Details of the Programme

The Programme concerns a Policy Based Loan (PBL) to support reforms in the energy and environmental sectors and to contribute to the promotion of renewable energies, energy efficiency, decarbonisation and environmental protection measures as well as to a transparent and climate-oriented budget policy, hence to Serbia’s green transition. The programme covers objectives, policy reforms, actions and triggers as described in the Policy and Results Matrix agreed upon with the World Bank (“WB”), Agence Française de Développement (“AFD”) and KfW (together, the “Group of International Financing Institutions”) as set out in Annex 8 of the Loan Agreement.

The Programme is designed to contribute to the adoption of the EU acquis communautaire in the areas of energy, environment and climate in order to pave the way towards EU alignment and accession, as well as the contractual obligations that Serbia has entered into as part of its full membership in the European Energy Community (EnC).

The Programme contributes to the modernisation of Serbia's energy and environmental sectors and promotes the climate-smart fiscal policy. With regard to the energy sector the focus is on securing a stable, sustainable and environmentally friendly energy supply throughout the country. As part of the energy sector reform, energy efficiency and the expansion of renewable energies are to be promoted through the introduction of suitable regulations and laws. In the area of environment and climate protection, legal and strategic framework conditions are being created that should enable strong progress towards a circular economy, improvement of air quality and implementation of concrete measures on climate change.

1.2 Time Schedule

The Programme comprises two phases, one in relation to the year 2022 (“Phase I”) and the other in relation to the year 2023 (“Phase II”). The Loan refers to Phase II.

1.3 Total Cost and Financing

The Loan amount provided by KfW for Phase II of the Programme is EUR 135 million. AFD will provide a loan in the amount of EUR 135 million, while the WB, as lead donor, will provide a slightly higher share of financing of up to USD 160 million.

1.4 Changes in the Programme Design

Any major changes in the Programme design (as set out above) shall require the prior consent of the Group of International Financing Instutions. The Borrower shall inform KfW thereof immediately, stating the reasons, the planned measures and the consequences of the change. Execution of such measures may commence only on the basis of revised planning and upon KfW's written consent.

2. Programme Implementation

2.1 Responsibilities and Time, Cost and Financing Schedule

Implementation Arrangements

the Borrower established that the Ministry of Mining and Energy (MoME) and

the Ministry of Environmental Protection (MoEP) (“Programm Implementers”)

are respectively responsible for the overall coordination of the Pillar 2 (Energy)

and Pillar 3 (Environment and Climate) of the Programme and shall closely

collaborate with other relevant stakeholders to implement the prior actions /

triggers as defined in the Policy and Results Matrix for these Pillars;

KfW has engaged consultants on behalf of the MoME and the MoEP to

support the Borrower during the preparation of the Programme (“DPO

Consultants”). The DPO Consultants may support the Programme

Implementers with respect to Pillar 2 (Energy) and Pillar 3 (Environment and

Climate) in

(i)

(Policy and Results Matrix) supporting the ministries in negotiations with

funding donors on the respective pillar of the Policy and Results Matrix;

(ii) (Progress report) reporting on the progress of the reform measures and

technical assistance, provided by different funding sources, to the

Working Groups and general assistance to these groups;

(iii) (European Union and Energy Community) advising on the relevant

formal processes to achieve the EU acquis communautaire (in particular

Chapter 15 Energy and Chapter 27 Environment and Climate) and the

reform requirements and recommendations of the Energy Community

(EnC);

(iv) (Research) preparing of studies, analyses and decision papers;

(v)

(Social & Environment) If needed, preparing analysis of the climate,

environmental and social risks and impacts of the reform measures in

addition to the environmental assessment of the lead donor (WB);

(vi) (Pillar 1) reporting on the Public Financial Management System,

especially in the areas of public administration, the fight against

corruption and the reforms of state-owned enterprises, in the context of

the reform progress of Pillar 1 of the Policy and Results Matrix;

(vii) (Public consultation) advising on government public consultation

processes in preparation for reform implementation. Supply of

programme information for stakeholders an the public and web-based

knowledge management.

the Borrower shall ensure that the activities of its departments and agencies

with respect to the carrying out of the Programme are conducted and

coordinated in accordance with sound administrative policies and procedures.

Policy and Results Matrix and Dialogue

the Borrower shall ensure that all prior actions and triggers adopted and as

defined in the Policy and Results Matrix continue to be in effect for the

duration of the Programme;

the Borrower shall keep KfW (the same as AFD and WB) informed of policy

discussions with other multilateral and bilateral aid agencies that may have

implications for the implementation of the Programme and provide KfW with

an opportunity to comment on any resulting policy proposals.

2.2 Environmental, Social, Health & Safety Compliance Undertakings.

Terms used in this Article are defined in Appendix A - ESHS Definitions of this Annex.

the Borrower shall at all times carry out its business and operations in

compliance with all applicable national environmental, occupational health &

safety and social laws and regulations, the Core Labour Standards of the

International Labour Organization as set out in the ILO Declaration on

Fundamental Principles and Rights at Work from 1998 and the Basic Terms

and Conditions of Employment as well as KfW environmental and social

standards;

to avoid, mitigate and/or manage any significant negative effects on Serbia’s

environment and population, the Borrower shall ensure that measures and

actions addressing environmental and social risks and impacts identified in the

Environmental and Social Impact Assessment of the lead donor and KfW will

be considered diligently in the development of the Policy and Results Matrix

and performance indicators of any future phases of the Programme;

the implementation of the respective measures and actions resulting from the

Environmental and Social Impact Assessment of the lead donor and KfW shall

be monitored by the Borrower and reported to KfW;

the Borrower will publicly disclose relevant information in the context of the

Programme and have meaningful consultations with national stakeholders and

the general public (where applicable) in order to allow them to understand the

risks and opportunities of the Programme as well as to incorporate their

feedback into future policy frameworks and performance indicators. In

addition, the Borrower shall ensure a publicly available mechanism for general

inquiries and for the submission of suggestions or complaints from interested

stakeholders and persons affected by the Programme implementation;

the Borrower shall notify KfW immediately of any events related to the

Programme activities which have resulted in negative media, non-

governmental organizations or other attention and reports, legal proceedings,

large-scale incidents or potential liabilities. Further, the Borrower shall develop

and asses corrective measures and manage the impacts of these events, and

communicate remedial measures to KfW;

the Borrower shall ensure that no Programme funds are used for expenditures

for items listed in Appendix B (Exclusion List for Financing).

3. Reporting and Other Provisions

3.1 Reporting

KfW together with AFD, the WB and the Borrower may carry out reviews of the

Programme implementation (“Progress Reports”). The reviews may be based

on reports of the DPO Consultants and information from the ministries

involved, as well as other relevant sources of information. The Borrower

ensures that he will provide all information required by KfW or the DPO

Consultants to assure a proper monitoring of the Programme implementation;

in addition to requirements stated in paragraph 3.1a), the Borrower shall report

on all circumstances that might jeopardize the achievement of the overall

objective, the Programme purpose and the results;

after completion of the Programme, the Borrower shall report on its further

development. KfW shall in due course inform the Borrower about the end of

the reporting period. 3.2 Other Provisions

The Borrower shall send KfW all such documents as are necessary for KfW to give the comments and approvals mentioned above early enough to allow reasonable time for examination. Appendix A - ESHS Definitions

E&S Environmental and Social

E&S Instruments means all environmental and social assessments, studies and plans

that are required to assess and manage the impacts and risks of a programme or program such as ESIA, Environmental and Social Audit, ESMP, ESMF, SEP, etc.

Environmental and Social Audit determines the nature and extent of all

environmental and social areas of concern with respect to a certain activity or programme. The audit identifies appropriate measures to mitigate such areas of concern, estimates their costs, and recommends a schedule for implementing them.

ESHS Environmental, Social, Health & Safety

ESIA Environmental and Social Impact Assessment means an E&S Instrument used to assess the potential environmental and social impacts of a proposed programme,

evaluate alternatives, and design appropriate mitigation, management, and monitoring measures.

ESMF Environmental and Social Management Framework means an E&S

Instrument that sets out the modalities to be followed in assessing the potential adverse environmental and social impacts associated with activities to be implemented under a program and the measures to be taken to eliminate, reduce, mitigate or offset these

impacts, considering the requirements of national law and the applicable international standards. An ESMF must be developed if a program consists of multiple subprojects or multiple components, if its design or its exact locations are not yet determined.

ESMP Environmental and Social Management Plan means an E&S Instrument that details (a) the measures to be taken during construction, implementation, and operation of a programme or program to eliminate or offset adverse environmental and social impacts,

or to reduce them to acceptable levels; and (b) the actions needed to implement these measures.

ILO means International Labor Organization, the tripartite United Nations agency

which brings together governments, employers, and workers of its member states in common action to promote decent work throughout the world.

ILO Fundamental Conventions means the conventions of the ILO on child labor

(conventions numbered C138 and C182), forced labor (conventions numbered C029 and C105), discrimination (conventions numbered C100 and C111) and freedom of association and collective bargaining (conventions numbered C087 and C098),

occupational health and safety (C155 and C187), stemming from the ILO Declaration on Fundamental Principles and Rights at Work, adopted in 1998.

SEP Stakeholder Engagement Plan, means an E&S Instrument that provides a

working plan for public participation, identifies the Stakeholders of a programme or program, the procedures relating to the participation process and a timetable, considering the requirements of national law and the applicable international standards. Appendix B – Exclusion List for Financing

I. Exclusions

In the following areas KfW Group does not offer financing for new programmes or

purposes: *

1. Production or trade in any product or activity subject to national or international phase-out or prohibition regulations or to an international ban, for example

certain pharmaceuticals, pesticides, herbicides and other toxic substances (under the Rotterdam Convention, Stockholm Convention and WHO "Pharmaceuticals: Restrictions in Use and Availability"), ii) ozone depleting substances (under the Montreal Protocol), iii) protected wildlife or wildlife products (under CITES / Washington Convention) iv) prohibited transboundary trade in waste (under the Basel Convention).

2. Investments which could be associated with the destruction ** or significant impairment of areas particularly worthy of protection (without adequate compensation in accordance with international standards).

3. Production or trade in controversial weapons or critical components thereof (nuclear weapons and radioactive ammunition, biological and chemical weapons of mass destruction, cluster bombs, anti - personnel mines, enriched uranium).

4. Production or trade in radioactive material. This does not apply to the procurement of medical equipment, quality control equipment or other application for which the radioactive source is insignificant and/or adequately shielded.

5. Production or trade in unbound asbestos. This does not apply to the purchase or use of cement linings with bound asbestos and an asbestos content of less than 20%.

6. Destructive fishing methods or drift net fishing in the marine environment using nets in excess of 2.5 km.

7. Nuclear power plants (apart from measures that reduce environmental hazards of existing assets) and mines with uranium as an essential source of extraction.

8. Prospection, exploration and mining of coal; land-based means of transport and related infrastructure essentially used for coal; power plants, heating stations and cogeneration facilities essentially fired with coal, as well as associated stub lines. ***

9. Non-conventional prospection, exploration and extraction of oil from bituminous shale, tar sands or oil sands.

II. Supplementary Requirements

In selected sectors, KfW Group ties its direct financial commitment for concrete new programmes to the following qualitative conditions: *

1. Outside the EU and the OECD high income countries, large agricultural or forestry enterprises producing palm oil or wood must either comply with recognised international certification systems (RSPO or FSC) or equivalent regulations to ensure sustainable cultivation conditions, or must be in the process of achieving compliance.

2. Large dam and hydropower programmes use the recommendations of the World Commission on Dams (WCD) as orientation. ****

3. Programmes for non-conventional prospection, exploration and extraction of gas will disclose in accordance with international standards,

- that no material groundwater drawdown or contamination is to be expected,

- that measures for resource protection (in particular water) and recycling are taken,

- that suitable technology is used for safe drilling, which includes integrated bore piping and pressure testing.

* Deviations can result from mandated transactions (Zuweisungsgeschäft) in

accordance with § 2 (4) of the Law Concerning KfW, or from instructions of the

relevant federal ministries.

** "Destruction" means (i) the destruction or severe deterioration of the integrity of

an area caused by a major and prolonged change in the use of land or water, or (ii)

the alteration of a habitat which leads to the inability of the affected area to perform

its function.

*** Investments in power transmission grids with significant coal-based power

feed-in will only be pursued in countries and regions with an ambitious national

climate protection policy or strategy (NDC), or where the investments are targeted

at reducing the share of coal- based power in the relevant grid.

In developing countries, heating stations and cogeneration facilities (CHP)

essentially fired with coal can be co-financed in individual cases based on a rigid

assessment, if there is a particularly high sustainability contribution, major

environmental hazards are reduced, and if there demonstrably is no more climate-

friendly alternative.

**** Dams with a height of at least 15 meters measured from the foundation or

dams with a height between 5 and 15 meters with a reservoir volume of more than

3 million cubic meters.

Annex 8 Policy and Results Matrix

Prior actions for DPL 1 and DPL 2		Results
Prior Actions under DPL 1	Prior Actions under DPL 2	Indicator Name	Baseline	Target

Pillar I - Program Development Objective A: Align fiscal management with the climate-change agenda

Prior Action #1: The Borrower has introduced the legal obligation to publish in-year budget execution information (covering the first six and nine months of budget execution), with functional and administrative breakdowns as in the original budget, to increase transparency in budgetary expenditures, including on environment and climate related activities, as evidenced by amendments to the Budget System Law, duly published in the Borrower’s Official Gazette No. 138, on December 12, 2022.	Prior Action #1: The Borrower has increased transparency in budgetary process by: (i) introduction of tagging of “green” budget expenditures in order to make more transparent information on spending on environment and climate-related activities by enacting amendments to the Budget System Law, Article 35, related to budgetary instructions and Article 79 related to the content of the final account, as evidenced by amendments to the Budget System Law, published in the Official Gazette No. 94/2024, dated November 28, 2024, and (ii) adoption of the annual plan for expansion of the coverage of budget beneficiaries with gender responsive budget, as evidenced by the Plan for introduction of the gender responsive budget in 2025, adopted by the Ministry of Finance on March 29, 2024.	Results Indicator #1: a) In-year reports on central government’s budget execution published. b) Number of budgetary beneficiaries which include budget program indicators on gender expenditures.	a) No (2022) b) 45 (2022)	a) Yes, two in year reports (2025) b) 60 (2025)
Prior Action #2: The Borrower, pursuant to the Methodology for Fiscal Risk Monitoring, developed fiscal risk models to quantify fiscal risks over the medium- term, as included in the Fiscal Strategy, and introduced the obligation to produce	Prior Action #2: The Borrower has introduced analysis and estimates of the possible fiscal impact of disasters-related events as the mandatory section of the Fiscal Strategy in order to include that information when assessing the medium-term fiscal framework starting with the	Results Indicator #2: The borrower started publishing the assessments of fiscal risks related to natural disasters in the Fiscal	No (2022)	Yes (2025)

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Prior actions for DPL 1 and DPL 2		Results
in-year and annual fiscal risk reports, as evidenced by Government Decision 05 No. 40-9575/2021, duly published in the Borrower’s Official Gazette No. 99, dated October 22, 2021.	2026 Fiscal Strategy, by amending the Budget System Law article 27 related to the content of the Fiscal Strategy, as evidenced by amendments to the Budget System Law, published in the Official Gazette No 94/2024, dated November 28, 2024.	Strategy

Prior Action #3: The Borrower has introduced additional environmental and climate-related criteria to evaluate public investment projects, submitted by Budget Beneficiaries to the MoF for financing from the Government’s budget, and prioritize those public investment projects with positive impact on the environment and climate change, as evidenced by the amendments to the Decree on Management of Capital Projects, duly published in the Borrower’s Official Gazette No. 139, dated December 16, 2022.		Results Indicator #3: Share of environment and climate change related projects in total capital budget.	n.a. (2021)	15 percent (2025)

Pillar II – Program Development Objective B: Accelerate the clean energy transition

Prior Action #4: The Borrower, pursuant to the Law on the Use of Renewable Energy Sources, has (i) enabled implementation of auctions for renewable energy capacity, as evidenced by (a) the	Prior Action #3(i): The Borrower has updated the regulatory framework for the implementation of the second auctions for renewable energy capacities, based on the amended Law on the Use of Renewable Energy Sources, published in the	Results Indicators #4: (a) Renewable energy capacity enabled with policy support	a) 0 (2021)	a) 750 MW (2025)

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Prior actions for DPL 1 and DPL 2		Results
Decree on market premium model agreement (Decree 05 No. 110- 9353/2021-1), and (b) the Decree on market premiums and feed-in tariff (Decree 05 No. 110-9352/2021-1), both duly published in the Borrower’s Official Gazette No. 112/2021, dated November 26, 2021; and (ii) introduced a simplified registration procedure for prosumers, as evidenced by the Decree on the criteria, conditions, and manner of calculating mutual financial claims between self- consumers and suppliers (Decree 5 No. 110-7592/2021-2) duly published in the Borrower’s Official Gazette No. 83, dated August 27, 2021.	Borrower’s Official Gazette No. 35/23, dated April 29, 2023, in order to increase renewable energy generation capacities, as evidenced by: 1) Decree on the Quota in the Market Premium System for Wind Farms, published in Borrower’s Official Gazette No. 90/2024, dated November 15, 2024; 2) Decree on the Quota in the Market Premium System for Solar Power Plants, published in Borrower’s Official Gazette No. 90/2024, dated November 15, 2024; 3) Decision on the Maximum Offered Price for Electricity for the Needs of Auctions in the Market Premium System, published in Borrower’s Official Gazette No. 90/2024, dated November 15, 2024; and 4) Amendments to the Decree on market premium and feed in tariff published in Borrower’s Official Gazette No. 90/2024, dated November 15, 2024. Prior Action #3(ii): The Borrower has mandated the Ministry of Mining and Energy to formulate the hydrogen development and usage program in order to decrease GHG emissions in line with the EU Acquis, as evidenced by the amendments to the Energy Law, published in the Official Gazette of the RS No. 94/2024, dated November 28, 2024.	(b) MW of cumulative renewable energy capacity procured through auctions.	b) 0 (2021)	b) 750 MW
Prior Action #5: The Borrower has revised the Rulebook on Internal Organization and Job Systematization (Rulebook No. 110-00-00085/2021-08, dated October 7, 2021) to enable the Energy Efficiency	Prior Action #4: The Borrower has: (a) enabled implementation of the energy audit methodology as evidenced by the Rulebook prescribing the content of the energy audit report according to the categories of the energy audit, published in	Results Indicator #5: Financing mobilized per year for investment in residential energy efficiency by the	US$ 0 million (2020)	US$ 38 million (2025)

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Prior actions for DPL 1 and DPL 2		Results
Administration to scale up programs for residential clean energy, as evidenced by the Government Decision 05 No. 110- 10364/2021, dated November 10, 2021.	Borrower’s Official Gazette No. 63/2023, dated July 28, 2023; (b) defined the legal framework for eco-design of various energy-related products in order to promote energy efficiency related activities, as evidenced by adopted Set of Rulebooks on the Product Eco-design published in Borrower’s Official Gazette.	programs of the MoME.
Prior Action #6: The Borrower, pursuant to the Energy Law and in order to promote transparent, and non- discriminatory access to the distribution grid for renewable energy prosumers and electricity retail service providers, has separated the Borrower-owned distribution system operator (“EPS Distribucija Ltd. Belgrade”) from the Borrower-owned power company (“PE Elektroprivreda Srbije”), by establishing and licensing a separate, and independent Borrower-owned legal entity (“Elektrodistribucija Srbije Ltd. Belgrade”), as evidenced by the Consolidated text of the Decision on the Incorporation of the “Elektrodistribucija Srbije Ltd. Belgrade”, No. 2460800-08.01- 183456/1-22, dated April 28, 2022, notarized under certification No. UOP-T 12-2022, dated July 7, 2022.	Prior Action #5(i): The Borrower has approved the transformation of the power company “Elektroprivreda Srbije” into a joint-stock company as evidenced by Government Decision 05 No.023-3090/2023, dated April 6, 2023, duly published in Borrower’s Official Gazette no. 27/23, dated April 7, 2023. Prior Action #5(ii): The Ministry of Environmental Protection issued first GHG emissions permits to the thermal power, cogeneration and heating plants of the ”Elektroprivreda Srbije” JSC, based on previously approved GHG emission monitoring plans, for the purpose of measurement and reporting of carbon emissions of “Elektroprivreda Srbije” JSC, pursuant to the provisions of the Law on Climate Change, as evidenced by the public list of issued permit, published by the MoEP.	Results Indicator #6: a) The distribution system operator is fully unbundled from generation and supply activities. b) Percent of power plant output with approved carbon emissions monitoring system.	a) No (2021) b) 0 (2021)	a) Yes (2025) b) 95% (2025)

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Prior actions for DPL 1 and DPL 2		Results
Prior Action #7: The Borrower: i) has expanded the benefits coverage for energy-vulnerable customers, as evidenced by the Decree on Energy Vulnerable Customers (Decree 05 No. 110-9890/2022-1), duly published in the Borrower’s Official Gazette No. 137/2022, dated December 9, 2022; and (ii) through its Council of the Energy Agency, has approved an increase of the electricity tariff for guaranteed supply to achieve sustainable tariff levels over the medium term, as evidenced by (a) Council of the Energy Agency of the Republic of Serbia Decision No. 487/2022-D-02/1, dated July 28, 2022, duly published in the Borrower’s Official Gazette No. 83/2022, dated July 28, 2022; and (b) Decision No. 791/2022-D-02/1, dated November 28, 2022, duly published in the Borrower’s Official Gazette No. 131/2022, dated November 29, 2022.		Results Indicator #7: (a) Share of households receiving rebates to their energy bills under the protection program for Energy Vulnerable Customers. (b) Percent increase in the average electricity price for customers entitled to a guaranteed supply at regulated prices (households and small- scale customers).	a) 2.7% (2021) b) 3.4% (2021)	a) 6.4% (2025) b) 15% (2025)
Pillar III – Program Development Objective C: Strengthen the legal framework for GHG mitigation and pollution management
Prior Action #8: The Borrower has introduced a Monitoring Reporting and Verification system for industrial installations to align with the EU’s Emission Trading System, as evidenced by the adoption of (i) Decree on types of activities and greenhouse gases which	Prior Action #6: The Borrower has created a legal and institutional environment to strengthen the economywide monitoring and reporting of GHG emissions, as evidenced by: 1) the Rulebook on the content of the GHG inventory, published in Borrower’s Official Gazette No. 55/2023 on July 7, 2023; 2) the Decree types of data, bodies and	Results Indicator #8: a) Percentage of GHG permits issued relative to the number of submitted applications from operators.	a) 0% (2020)	a) 40% (2025)

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Prior actions for DPL 1 and DPL 2		Results
require an emissions permit (Decree 05 No. 110-817/2022), duly published in the Borrower’s Official Gazette No. 13/2022, dated February 4, 2022; and (ii) Rulebook on verification and accreditation of verifiers of greenhouse gases emissions reports (Rulebook No. 110-00- 00057/2021-04), duly published in the Borrower’s Official Gazette No. 107/2021, dated November 12, 2021.	organizations that submit data, published in Borrower’s Official Gazette No. 43/2023, dated May 5, 2023; 3) the Rulebook on Monitoring and Reporting of GHG emissions that enabled the operationalization of a national MRV IT platform as well as the GHG permitting system (published in Borrower’s Official Gazette 118/2023, dated December 28, 2023); and 4) the adoption and publication of the first National Inventory of GHG emissions, as evidenced by the Government Decision 05 No. 353-11715/2024-2, dated December 5, 2024.	b) Establishment of GHG permitting IT tool. c) Number of capacity building trainings for operators of stationary installations and for competent authority.	b) No (2020) c) 0 (2020)	b).Yes (2025) c) 7 (2025)
Prior Action #9: The Borrower has aligned national policy and legislation with the EU Waste Framework Directive, as evidenced by the (i) adoption of the National Waste Management Program and Action Plan through Government Decision 05 No. 353-588/2022-1, duly published in the Borrower’s Official Gazette No. 12/2022, dated February 1, 2022, and (ii) submission to the Parliament of the Amendment to the Law on Waste Management, through Government notice 05 No. 011-10810/2022-2, dated December 30, 2022.	Prior Action #7(i): The Borrower has developed a strategic and legislative framework for sludge management in order to align with the EU sludge legislation, as evidenced by: 1) the National Sludge Management Program and Action Plan, published in the Borrower’s Official Gazette No. 84/2023, dated October 5, 2023, and 2) the Decree on Sewage Sludge Management, published in Borrower’s Official Gazette No. 103/2023, November 21, 2023. Prior Action #7(ii): The Borrower has adopted legislation needed for environmentally sound management and increased reuse and recycling rates of the construction waste by adopting the Decree on management of construction and demolition waste, published in Borrower’s Official	Results Indicator #9: a) Accessibility of the population to sanitary landfills in the Republic of Serbia; b) Number of unsanitary landfills under remediation; c) Multiple management/disposal options for sewage sludge created in Serbian strategic and legal framework.	a) 42% (2021) b) 0 (2020) c) No (2020)	a) 55% (2025) b) 4 (2025) c) Yes (2025)

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Prior actions for DPL 1 and DPL 2		Results
	Gazette No. 93/2023, dated October 27, 2023, as corrected pursuant to the corrigendum published in Borrower’s Official Gazette No. 94/2023, dated October 30, 2023.
Prior Action #10: The Borrower has aligned national policy and legislation with the EU National Emissions Ceiling Directive and the Air Quality Framework Directive, as evidenced by adoption of the Air Protection Program in the Republic of Serbia for the period from 2022 to 2030 with an Action Plan, including specific interventions to address emissions from medium combustion plants, duly published in the Borrower’s Official Gazette No. 140, dated December 22, 2022.	Prior Action #8: The borrower has enabled issuance of emission permits through the new online portal by adopting: 1) the Rulebook on the application for an integrated pollution prevention and control permit, as published in Borrower’s Official Gazette No. 4/2024, dated January 19, 2024; and 2) the Rulebook on the format and content of the application for integrated permit, published in Borrower’s Official Gazette No. 4/2024, dated January 19, 2024.	Results Indicator #10: a) Share of medium combustion plants (MCPs) with a thermal power from 1 to 50 MW out of the total number of MCPs registered in the National Register of Pollution Sources database. b) Number of integrated permits issued.	a) 0 (2020) b) 36 (2020)	a) 35% (2025) b) 55 (2025)

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Annex 9

Variable Rate Definitions

In this Agreement:

Compounded €STR Adjustment Spread: in relation to a certain tenor or term, the

percentage rate per annum which corresponds to the historical difference between

the Compounded €STR (Observation Shift) Calculated Daily Rate of such term or

tenor and EURIBOR of such term or tenor, as such differential spread is

(a)

legally prescribed or enacted or formally designated, nominated or

recommended by any Relevant Nominating Body; or

(b)

if (a) does not apply, calculated by Bloomberg Index Services Limited (or other

Bloomberg company or any successor thereof) in accordance with the ISDA

IBOR Fallback Rate Adjustments Rule Book and published on the relevant

Bloomberg (or successor) page which corresponds to the relevant term for

EURIBOR, in particular the following Bloomberg pages:

(i)

in respect of 1 week EURIBOR: page YEUR001W Index;

(ii) in respect of 1 month EURIBOR: page YEUR001M Index;

(iii) in respect of 3 month EURIBOR: page YEUR003M Index;

(iv) in respect of 6 month EURIBOR: page YEUR006M Index; and

(v)

in respect of 12 month EURIBOR: page YEUR01Y Index; or

(c)

if neither (a) nor (b) apply, determined and calculated by KfW in accordance

with the formulas and calculation rules prescribed or referred to under (a) and

(b)

above or otherwise in accordance with market practice;

provided that (i) the date for determining the Compounded €STR Adjustment Spread

is the Reference Rate Determination Date in relation to a Compounded €STR

(Observation Shift) Calculated Daily Rate on which date a Compounded €STR

(Observation Shift) Calculated Daily Rate became applicable for the relevant Interest

Period in accordance with the provisions of this Agreement for the first time and (ii)

the Compounded €STR Adjustment Spread will be determined on the basis of the

latest rates available on such Reference Rate Determination Date for the relevant

tenors or terms and shall apply for all following Interest Periods and (iii) if none of the

terms or tenors designated by the Relevant Nominating Body under (a) above or

quoted by Bloomberg (or any replacement thereof) under (b) above are at the

relevant date equal in length to the term or tenor required for the relevant Interest

Period, the Compounded €STR Adjustment Spread will be calculated by way of interpolation between the quotations for the next shorter and next longer terms or

tenors available.

Compounded €STR (Observation Shift) Calculated Daily Rate: the percentage

rate per annum calculated by KfW (rounded if necessary to five decimal places;

starting with 0.000005 it will be rounded upwards) which results from the formula set

out below:

where:

is, for any Observation Period, the number of TARGET

Days in that Observation Period.

is the number of calendar days in that Observation

Period.

i is a series of whole numbers from 1 (one) to d , each b

representing the relevant TARGET Day in chronological

order from, and including, the first TARGET Day in the

relevant Observation Period.

is the €STR Daily Rate applicable on TARGET Day "i"

in the relevant Observation Period, as published on the

TARGET Day immediately after TARGET Day "i".

is, for any TARGET Day "i" in the relevant Observation

Period, the number of calendar days for which rate r i

applies, being the number of calendar days from (and

including) such TARGET Day "i" to (but excluding) the

following TARGET Day, irrespective of whether that

following TARGET Day is included in the Observation

Period. (Therefore, on most days, n will be 1, but on a i

Friday it will generally be 3, and it will also be greater

than 1 on the TARGET Day before a holiday).

ECB Eurosystem Deposit Facility Rate (EDFR): the rate on the deposit facility

which banks in the euro area may use to make overnight deposits with the

eurosystem as published on the European Central Bank’s website (currently

published on: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates

/html/index.en.html).

EDFR Adjustment Spread: the arithmetic mean (calculated by KfW) of the daily

difference between €STR and the ECB Eurosystem Deposit Facility Rate (EDFR)

over an observation period of the thirty (30) most immediately preceding Banking

Days for which €STR was Available; provided that if such arithmetic mean is less

than zero, the EDFR Adjustment Spread shall be deemed to be zero.

€STR: the euro short term rate (€STR) that reflects the wholesale euro unsecured

overnight borrowing costs of euro area banks administered by the European Central

Bank (or any other person which takes over the administration of that rate) available

by 09:00 a.m. CET on each TARGET Day, and published [(before any correction,

recalculation or republication by the administrator)] by the European Central Bank (or

any other person which takes over the publication of that rate) on the ECB’s website,

via the ECB’s Market Information Dissemination (MID) platform and the ECB’s

Statistical Data Warehouse.

€STR Daily Rate: in relation to any TARGET Day:

(a)

the €STR for that TARGET Day; or

(b)

if €STR is Unavailable for that TARGET Day, the percentage rate per annum

which is the aggregate of:

(i)

the ECB Eurosystem Deposit Facility Rate (EDFR) for that TARGET Day;

and

(ii) the applicable EDFR Adjustment Spread.

If necessary, the rate will be rounded to five decimal places. Starting with 0.000005 it will be rounded upwards.

EURIBOR: for the relevant Interest Period (in each case rounded upwards, if

necessary, to 1/16 of the percentage point)

(i)

the percentage rate per annum quoted on Thomson Reuters´ page

EURIBOR= or, if this page does not have the required details or is not

accessible, on Bloomberg page EBF (or on a successor page which

replaces Thomson Reuters´ page EURIBOR= or Bloomberg page EBF)

at or about 11:00 a.m. Brussels time on the relevant Reference Rate

Determination Date as the EURIBOR rate for euro term deposits in Euros

on the European interbank market for a period equal in length to that

Interest Period; or

(ii) if none of the periods published by Thomson Reuters´ or Bloomberg are

equal in length to that Interest Period, the EURIBOR reference rate

published for the next longer period; or

(iii) if none of the EURIBOR screen rates under (i) and (ii) above are

published on the relevant Reference Rate Determination Date and it is

therefore not possible for KfW to determine EURIBOR on the basis of (i)

and (ii) above and any such screen rates were published or otherwise

available for any TARGET Day within the last five (5) TARGET Days

before the relevant Reference Rate Determination Date, the relevant

EURIBOR for such Interest Period as determined and/or calculated by

KfW by applying the most recent screen rate(s) available,

and, for the avoidance of doubt, any rate so determined or calculated shall be

deemed to be Available.

Lag Time: means the time period as stipulated under Article 4.1 a) a)(iii)

(Compounded €STR Observation Shift).

Observation Period: means, in relation to an Interest Period, the time period the

beginning of which and the end of which is in each case determined by applying the

Lag Time prior to the beginning and the end of the relevant Interest Period

respectively (including the first day, but excluding the last day of such time period).

Reference Rate: means EURIBOR, Term €STR, the Compounded €STR

(Observation Shift) Calculated Daily Rate and any other reference interest rate

selected by KfW in consultation with the Borrower.

Reference Rate Determination Date: means, in relation to an Interest Period for

which a variable interest rate is to be determined:

(a)

if the Reference Rate is EURIBOR, the second Banking Day before the first

day of that Interest Period;

(b)

if the Reference Rate is Term €STR, the second Banking Day before the first

day of that Interest Period;

(c)

if the Reference Rate is the Compounded €STR (Observation Shift) Calculated

Daily Rate, the TARGET Day immediately following the last day of the

Observation Period relating to the relevant Interest Period,

provided that, if market practice differs or changes in the relevant market with respect

to any of the Reference Rates, the Reference Rate Determination Date for such

Reference Rate will be determined by KfW in accordance with the market practice applicable in the relevant market and notified to the Borrower by way of an Technical

Adjustment Notification.

Reference Rate Non-Utilisation Event: means any of the following events in

relation to a Reference Rate:

(a)

Unavailability. The Reference Rate is Unavailable; or

(b)

Non-representativeness. The later of (i) one (1) month and (ii) the future date

specified in the relevant official statement has passed since the supervisor of

the administrator of a Reference Rate has published an official statement that

the relevant Reference Rate is no longer or, as of a specified future date will no

longer be, representative of the underlying market or the economic reality that it

is intended to measure and that such representativeness will not be restored

(as determined by such supervisor) and such official statement expresses

awareness that any such announcement or publication will engage certain

contractual triggers that are activated by pre-cessation or cessation

announcements or publications;

and such Reference Rate Non-Utilisation Event is continuing on a Reference Rate

Determination Date if on such date

(c)

in relation to (a) above, the Reference Rate remains Unavailable; and

(d)

in relation to (b) above, the supervisor has not revoked or rescinded its official

statement or has in any other way re-confirmed the representativeness of the

relevant Reference Rate.

Relevant Nominating Body: means any applicable legislator, regulator or other

supervisory or competent administrative authority or a group of them, or any working

group or committee sponsored or chaired by, or constituted at the request of, any of

them or the Financial Stability Board.

TARGET Day: any day on which the Trans-European Automated Real-time Gross

Settlement Express Transfer System (TARGET) is open for payments.

Technical Adjustment Notification: has the meaning ascribed to such term in

Article 4.1 a) (v) (Interest Calculation Adjustments).

Term €STR: for the relevant Interest Period, the publicly available percentage rate

per annum (before any correction, recalculation or republication by its administrator

and rounded if necessary to five decimal places; starting with 0.000005 it will be

rounded upwards) which is:

(a)

a forward-looking term rate based on €STR;

(b)

produced by an administrator;

(c)

constituted as a term adjusted €STR reference rate for a period equal in length

to the Interest Period and uses a term adjustment methodology approved by

the relevant supervisory authority of the administrator;

(d)

available on the relevant Reference Rate Determination Date; and

(e)

specified as the "Term €STR" for this Agreement by KfW in an Technical

Adjustment Notification;

as such rate is quoted in the European wholesale market on the relevant Reference

Rate Determination Date for the same period as the relevant Interest Period or, if

none of the periods available are the same as that Interest Period, interpolating,

where appropriate, between the yield quotations for the next shorter and next longer

maturities; provided that if no such Term €STR rates are published or provided on

the relevant Reference Rate Determination Date and it is therefore not possible for

KfW to determine the relevant Term €STR on the basis of this paragraph, but any

such rates were published or were otherwise available for any TARGET Day within

the last five (5) TARGET Days before the relevant Reference Rate Determination

Date, KfW will use the relevant most recent rate(s) available for determining and/or

calculating (e.g. by way of interpolation) the relevant Term €STR for the relevant

Interest Period and Term €STR shall be deemed to be Available.

Term €STR Adjustment Spread: in relation to a certain tenor or term, the

percentage rate per annum which corresponds to the difference between Term €STR

of such term or tenor and EURIBOR of such term or tenor, as such differential spread

(a)

legally prescribed or enacted or formally designated, nominated or

recommended by any Relevant Nominating Body; or

(b)

if (a) does not apply, calculated and published by Bloomberg Index Services

Limited (or any other administrator or calculation agent) in accordance with

ISDA rules or other market practice; or

(c)

if neither (a) nor (b) apply, determined and/or calculated by KfW in accordance

with market practice,

provided that (i) the date for determining the Term €STR Adjustment Spread is the

Reference Rate Determination Date in relation to Term €STR on which date Term

€STR became applicable for the relevant Interest Period in accordance with the

provisions of this Agreement for the first time and (ii) the Term €STR Adjustment

Spread will be determined on the basis of the latest rates available on such

Reference Rate Determination Date for the relevant tenors or terms and shall apply

for all following Interest Periods and (iii) if none of the terms or tenors designated by the Relevant Nominating Body under (a) above or quoted by Bloomberg (or any

replacement thereof) under (b) above are at the relevant date equal in length to the

term or tenor required for the relevant Interest Period, the Term €STR Adjustment

Spread will be calculated by way of interpolation between the quotations for the next

shorter and next longer terms or tenors available.

Unavailability/Availability of a Reference Rate: A Reference Rate is "Unavailable"

if:

(a)

Factual. no screen rate(s) of the relevant Reference Rate is or are published or

are in any other way provided by the administrator of such Reference Rate on

the relevant Reference Rate Determination Date or for the relevant Observation

Period and no other means exist or calculations are possible for KfW (including

by way of interpolation) to determine the relevant Reference Rate on its

Reference Rate Determination Date;

(b)

Legal. it is prohibited or in any other way unlawful for KfW or the Borrower the

use such Reference Rate under this Agreement, in particular for calculating or

paying interest;

(c)

Identity change. the methodology, economic characteristics or formulas for

calculating the Reference Rate have materially changed; provided that as long

as the underlying interest or market or economic reality that the Reference

Rate is intended to measure remains unchanged, any change in formulas,

economic characteristics or other methodology is not considered material; or

(d)

Other. the relevant Reference Rate may, for any other reason in the reasonable

opinion of KfW, no longer be used for the purposes of this Agreement,

and, correspondingly, such Reference Rate is "Available" if it is not Unavailable.

Ugovor — srpski tekstČl. 1.1–14.11

S pora zum o za jmu

od 18. 07. 2025. godine

između

KfW, Frankfurt na Majni

(u daljem tekstu:„KfW”)

Republike Srbije

koju zastupa Vlada Republike Srbije delujući preko i putem Ministarstva

finansija

(u daljem tekstu: „Zajmoprimac”)

u iznosu od

135.000.000 EUR

- Zajam za politike (PBL) -

Reforma sektora energetike i životne sredine u Republici Srbiji II

BMZ-br. 525000880

Zajam br: 31812 SADRŽAJ

SADRŽAJ .....................................................................................................................

PREA MBUL A .............................................................................................................

1. Zajam .........................................................................................................................

2. Isplata ........................................................................................................................

3. Provizije .....................................................................................................................

4. Kamata ......................................................................................................................

5. Otplata i prevremena otplata ......................................................................................

6. Obračuni i plaćanja ....................................................................................................

7. Garancija Savezne Republike Nemačke ....................................................................

8. Nezakonitost ..............................................................................................................

9. Troškovi i javne dažbine .............................................................................................

10. Posebne obaveze ......................................................................................................

11. Raskid Sporazuma .....................................................................................................

12. Zastupanje i izjave .....................................................................................................

13. Objavljivanje i dostavljanje informacija u vezi sa Programom .....................................

14. Opšte odredbe ...........................................................................................................

Prilog 1 Obaveštenje o isplati ..............................................................................................

Prilog 2 Obrazac pravnog mišljenja Ministarstva pravde Republike

Srbije ...................................................................................................................................

Prilog 3 Pismo potvrde KfW-a u vezi sa Garancijom nemačke Vlade ..................................

Prilog 4 Informacije vezane za član 14.10 ...........................................................................

Prilog 5 Obrazac zahteva za promenu kamate ....................................................................

Prilog 6 Odredbe o usklađenosti za Zajmoprimca ...............................................................

Prilog 7 Opis Programa .......................................................................................................

1. Opis Programa ...........................................................................................................

2. Implementacija Programa ..........................................................................................

3. Izveštavanje i druge odredbe .....................................................................................

Deo A - Definicije ESHS ......................................................................................................

Deo B – Spisak aktivnosti čije finansiranje je isključeno ......................................................

I. Aktivnosti čije finansiranje je zabranjeno ............................................................................

II. Dodatni zahtevi ...............................................................................................................

Prilog 8 Matrica politika i rezultata .......................................................................................

Prilog 9 Definicije u vezi sa Varijabilnom stopom .................................................................

P R E A M B U L A

Ovaj sporazum o zajmu predstavlja drugu fazu zajedničkog instrumenta razvojne politike između Svetske banke (u daljem tekstu: „SB”), Francuske agencija za razvoj (u daljem tekstu: „AFD”) i KfW-a. SB, AFD, KfW i Zajmoprimac saglasili su se oko inicijativa u domenu politika, utvrdili ciljeve, politike i mere, kao što se navodi u Matrici politika i rezultata (vidi Prilog 8 (u daljem tekstu: „Matrica politika i rezultata“)), u cilju unapređenja reformskih procesa u sektoru energetike i životne sredine u Republici Srbiji.

Predviđeno je da će se program finansirati paralelno zajmom SB (u daljem tekstu: „zajam SB”) i zajmom AFD-a.

Uslovi ovog zajma u skladu su sa zahtevima OECD-a koji se primenjuju na dan potpisivanja ovog sporazuma u cilju njegovog priznavanja kao Zvanične razvojne pomoći (ODA).

Na toj osnovi i pod uslovom da Savezna Republika Nemačka izda garanciju za Zajam, KfW će odobriti Zajam u skladu sa uslovima ovog sporazuma o zajmu.

Zajam

Odredba1.1

Iznos. KfW će Zajmoprimcu odobriti zajam koji ne prelazi ukupan iznos

135.000.000 EUR (u daljem tekstu: „Zajam”)

(rečima: stotinutridesetpet miliona evra).

Odredba1.2

Svrha. Zajmoprimac će koristiti Zajam isključivo za finansiranje budžeta

Zajmoprimca u svrhu Programa reformi sektora energetike i životne

sredine u Republici Srbiji (u daljem tekstu: „Program”).

Odredba1.3

Porezi, takse, carinske dažbine. Porezi i druge javne dažbine koji

predstavljaju obaveze Zajmoprimca kao i carinske dažbine neće se

finansirati iz sredstava Zajma.

2. Isplata

Odredba2.1

Zahtev za isplatu. KfW će isplatiti Zajmoprimcu celokupan iznos zajma u

jednoj tranši nakon što dobije original Zahteva za isplatu uredno i

propisno potpisan od strane Ministarstva finansija pod uslovom da su svi

preduslovi za isplatu ispunjeni u skladu sa članom 2.3 (Preduslovi za

isplatu). Zahtev za isplatu je potpun i važeći ukoliko je (i) neopoziv i

dostavljen KfW-u najkasnije do 12 časova desetog Radnog dana banaka

(kako je definisano u članu 14.1 Radni dan banaka) pre datuma isplate

navedenog u Zahtevu za isplatu; i (ii) suštinski je u formi datoj u Prilogu 1

(Obaveštenje o isplati).

Odredba2.2

Rok za podnošenje zahteva za isplatu. KfW ima pravo da odbije zahtev

za isplatu koji primi nakon 30. juna 2026. godine.

Odredba2.3

Preduslovi za isplatu. KfW je u obavezi da izvrši isplatu prema ovom

sporazumu o zajmu samo ukoliko su ispunjeni sledeći uslovi koji

prethode isplati, i to u formi i sadržaju koji je prihvatljiv za KfW:

Zajmoprimac će, na zadovoljavajući način za KfW, dostaviti pravno

mišljenje, čiji sadržaj mora biti u skladu sa obrascem datim u Prilogu 2

(Obrazac pravnog mišljenja Ministarstva pravde Republike Srbije)

ovog dokumenta i overenih primeraka (svaki sa overenim prevodom

na jezik ovog sporazuma) svih dokumenata na koje se dato pravno

mišljenje odnosi kojima se potvrđuje da Sporazum o zajmu ima

pravno dejstvo i da je na snazi i, posebno:

da je Zajmoprimac ispunio sve zahteve u skladu sa Ustavom i

drugim zakonskim odredbama za pravosnažno preuzimanje svih

svojih obaveza prema ovom sporazumu; i

ii)

da je KfW oslobođen plaćanja svih poreza na prihod od kamate,

svih dažbina, naknada i sličnih troškova u Republici Srbiji, u vezi

sa odobravanjem Zajma;

KfW je primio originalni primerak ovog sporazuma koji je pravosnažno

potpisan;

KfW je primio deponovane potpise navedene u članu 12.1 (Zastupanje

Zajmoprimca) ovog sporazuma o zajmu;

garancija Savezne Republike Nemačke navedena u članu 7 (Garancija

Savezne Republike Nemačke) (u daljem tekstu: „Garancija”) stupila je

na snagu i pravosnažna je bez ikakvih ograničenja. KfW će obavestiti

Zajmoprimca kada Garancija stupi na snagu i postane pravosnažna.

Obrazac Pisma o potvrdi koje će KfW dostaviti priložen je kao Prilog 3

ovog sporazuma o zajmu;

Zajmoprimac je platio Proviziju za organizovanje posla predviđenu

članom 3.2 (Provizija za organizovanje posla) ovog sporazuma;

ne postoji razlog za raskid sporazuma niti je nastao bilo kakav događaj

koji bi postao uzrok za raskid obaveštenjem ili istekom ili utvrđivanjem

ili ispunjenjem uslova (potencijalni razlog za raskid);

nema vanrednih okolnosti koje su nastale i sprečavaju ili ozbiljno

ugrožavaju sprovođenje, funkcionisanje ili svrhu Programa ili izvršenje

obaveza plaćanja koje Zajmoprimac preuzima u skladu sa ovim

sporazumom; i

Zajmoprimac je KfW-u dostavio dokaz o realizaciji prethodnih aktivnosti

Programa kao što je definisano u Prilogu 8 (Matrica politika i rezultata)

(u daljem tekstu: „Prethodne aktivnosti Programa”) i primio je pisanu

potvrdu KfW-a da je dostavljeni dokaz po formi i sadržini

zadovoljavajući za KfW.

KfW ima pravo da pre isplate sredstava iz Zajma zahteva dodatna

dokumenta i dokaze koje prema svom diskrecionom pravu (postupajući u

razumnoj meri u skladu sa regulativama i politikama koje se primenjuju u

KfW-u i/ili međunarodnoj bankarskoj praksi) smatra neophodnim kako bi

potvrdio ispunjenost uslova koji prethode isplati navedenoj u ovom

odeljku.

Odredba2.4

Pravo na odustajanje od isplate. Pod uslovom da je ispunio svoje

obaveze predviđene članom 10 (Posebne obaveze) ovog sporazuma o

zajmu, Zajmoprimac može odustati od isplate neisplaćenih iznosa Zajma,

uz prethodnu saglasnost KfW-a, u zamenu za plaćanje Naknade za

odustajanje od isplate u skladu i kako je definisano članom 2.5

(Naknada za odustajanje od isplate) ovog sporazuma o zajmu.

Odredba2.5

Naknada za odustajanje od isplate. Ukoliko Zajmoprimac odustane od

isplate sredstava Zajma na koju je već utvrđena kamatna stopa u skladu

sa članom 2.4 (Pravo na odustajanje od isplate) ovog sporazuma o zajmu

ili ako taj iznos Zajma nije isplaćen ili nije isplaćen do roka navedenog u

članu 2.2 (Rok za podnošenje zahteva za isplatu) ovog sporazuma o

zajmu, Zajmoprimac će, bez odlaganja, na zahtev platiti KfW-u iznos koji

je neophodan da bi se KfW-u nadoknadili svi gubici, izdaci i troškovi koje

KfW snosi kao posledicu odustajanja od isplate iznosa Zajma (u daljem

tekstu: „Naknada za odustajanje od isplate”), osim ukoliko takvo

odustajanje ne predstavlja kršenje ovog sporazuma o zajmu od strane

KfW-a. KfW će, postupajući razumno, obračunati iznos Naknade za

odustajanje od isplate i o tome obavestiti Zajmoprimca.

3. Provizije

Odredba3.1

Provizija na nepovučena sredstva. Zajmoprimac će platiti bespovratnu

proviziju na nepovučena sredstva Zajma u iznosu od 0,25% godišnje (u

daljem tekstu: „Provizija na nepovučena sredstva”).

Provizija na nepovučena sredstva dospeva za plaćanje polugodišnje za

protekli period, 15. maja i 15. novembra svake godine, a prvi put 15.

novembra 2025. godine, ali ne pre odgovarajućeg datuma koji sledi

nakon dana kada ovaj sporazum stupi na snagu i proizvodi pravno

dejstvo, shodno članu 14.10 (Stupanje na snagu) ovog sporazuma.

Provizija na nepovučena sredstva će biti obračunata, ukoliko je

primenjivo, sa retroaktivnim dejstvom za period koji počinje dvanaest

meseci nakon potpisivanja ovog sporazuma i traje do datuma isplate

sredstava Zajma u celosti ili, ukoliko je primenjivo, do datuma definitivnog

otkazivanja isplate Zajma.

Odredba3.2

Provizija za organizovanje posla. Zajmoprimac će platiti KfW-u

bespovratni jednokratni paušalni iznos na ime provizije za organizovanje

posla u iznosu od 0,25 % od iznosa Zajma navedenog u članu 1.1 (Iznos)

ovog sporazuma o zajmu (u daljem tekstu: „Provizija za organizovanje

posla”).

Provizija za organizovanje posla dospeva na plaćanje na raniji od

sledeća dva datuma: (i) pre isplate; ili (ii) po isteku šest meseci nakon

potpisivanja ovog sporazuma od strane KfW-a, ili nakon što protekne

mesec dana od stupanja na snagu i dejstva ovog sporazuma (u

zavisnosti koji od datuma navedenih u tački (ii) nastupi kasnije). Provizija

za organizovanje posla dospeva za plaćanje nakon potpisivanja ovog

sporazuma bez obzira da li je Zajam isplaćen u celosti ili delimično, ili

uopšte.

4. Kamata

Odredba4.1

Varijabilna kamatna stopa sa opcijom fiksne kamatne stope.

Zajmoprimac plaća kamatu na Zajam u skladu sa sledećim odredbama:

Varijabilna kamatna stopa. Osim ukoliko se primenjuje fiksna kamatna

stopa u skladu sa članom 4.1c) (Promena u fiksnu kamatnu stopu na

zahtev Zajmoprimca), kamatna stopa primenjiva na Kamatni period

(kao što je definisano članom 4.1 b) (Kamatni period) utvrđuje se kao

varijabilna kamatna stopa u skladu sa terminima i uslovima

definisanim u Prilogu 9 („Definicije u vezi sa Varijabilnom stopom” ) i sledećim odredbama (takva varijabilna kamatna stopa u daljem tekstu:

„Varijabilna kamatna stopa”):

EURIBOR. Varijabilna kamatna stopa za relevantni Kamatni

period utvrđuje se kao zbir

(aa) EURIBOR-a važećeg tokom relevantnog Kamatnog perioda; i

(bb) marže od 0,9% godišnje (slovima: nula zapeta devedeset procenata) (u daljem tekstu: „Marža”).

KfW će bez odlaganja obavestiti Zajmoprimca o relevantnom

EURIBOR-u i ukupnoj varijabilnoj kamatnoj stopi utvrđenoj u

skladu sa ovim stavom kao i o trajanju relevantnog Kamatnog

perioda.

ii)

Evro kratkoročna kamatna stopa (€STR). Ukoliko nastupi i

nastavi se Događaj neiskorišćenja referentne stope u odnosu na

EURIBOR na važeći Datum utvrđivanja referentne stope,

varijabilna kamatna stopa za relevantni Kamatni period biće

utvrđena kao zbir

(aa) Evro kratkoročne kamatne stope važeće tokom relevantnog Kamatnog perioda; i

(bb) relevantnog Prilagođavanja stope kredita za Terminsku €STR; i

cc)

Marže.

KfW će bez odlaganja obavestiti Zajmoprimca o relevantnoj

Referentnoj stopi Terminske €STR, relevantnom Prilagođavanju

stope Terminske €STR i ukupnoj varijabilnoj kamatnoj stopi

utvrđenoj na osnovu ovog stava kao i o trajanju relevantnog

Kamatnog perioda.

iii)

Konformna €STR „Observation Shift”. Ukoliko nastupi i nastavi

se Događaj neiskorišćenja referentne stope u odnosu na

EURIBOR i Terminsku €STR na važeći Datum utvrđivanja

referentne stope, varijabilna kamatna stopa za relevantni

Kamatni period biće utvrđena kao zbir

(aa) Konformne €STR („Observation Shift”) obračunate dnevne stope na snazi tokom relevantnog Kamatnog perioda; i

(bb) primenjivog Prilagođavanja stope kredita za Konformnu €STR; i

cc)

Marže.

„Vremensko zaostajanje” („Lag time”). Prilikom utvrđivanja

varijabilne kamatne stope u skladu sa ovim stavom (iii),

primenjuje se vremensko zaostajanje od trideset (30) TARGET

dana.

iv)

„Zero Floor” klauzula (obračun negativne kamate kao da je

vrednost nula). Ako ovako izračunata Kamatna stopa padne

ispod 0% godišnje, Varijabilna kamatna stopa će biti 0%

godišnje za relevantni kamatni period.

Usklađivanja obračuna kamate. U skladu sa odredbama članova 4.1 a) (ii), 4.1 a) (iii) i Definicijama varijabilne kamate, KfW može

izvršiti takve dalje tehničke, administrativne, operativne i druge

promene i usklađivanja ovih odredbi koje su potrebne da bi se

omogućila administracija, izračunavanje i određivanje relevantne

Referentne stope od strane KfW-a na način koji je suštinski

konzistentan sa tržišnom praksom ili na način koji KfW zahteva,

a to se posebno odnosi na vremenski okvir i učestalost

utvrđivanja stopa, pravila za obračun stopa, periode

obaveštavanja i slične tehničke, administrativne i operativne

mere, administrativno izvodljive za KfW. U tom smislu, KfW

može Zajmoprimcu poslati obaveštenje (u daljem tekstu:

„Obaveštenje o tehničkom usklađivanju”) kojim će se izmeniti

i dopuniti ovaj sporazum i koje će, po prijemu i prihvatanju od

strane Zajmoprimca, činiti sastavni deo ovog sporazuma.

Kamatni period. Kamatni period je period od jednog Datuma plaćanja

(kao što je definisano u članu 4.3 (Datumi plaćanja) ovog sporazuma o

zajmu) (uključujući i taj datum) do sledećeg Datuma plaćanja

(isključujući taj datum) uz izuzetak prvog kamatnog perioda koji

počinje na datum valute isplate relevantnog iznosa Zajma i završava

se sledećeg Datuma plaćanja (u daljem tekstu: „Kamatni period”).

Ukoliko Datum plaćanja dospeva na dan koji nije Radni dan banaka,

biće izvršeno usklađivanje u skladu sa članom 6.2 (Datum dospeća)

ovog sporazuma. U tom slučaju se Kamatni period završava na dan

usklađenog Datuma plaćanja i sledeći Kamatni period počinje na

usklađeni Datum plaćanja. Kamatna stopa primenjiva do prvobitnog datuma isteka Kamatnog perioda, primenjivaće se na usklađeni

Kamatni period.

Promena na Fiksnu kamatnu stopu na zahtev Zajmoprimca. Nakon

poslednje isplate Zajma, Zajmoprimac može tražiti primenu fiksne

kamatne stope na celokupan iznos koji je u tom trenutku neizmiren u

skladu sa sledećim odredbama (u daljem tekstu: „Promena kamate”).

U slučaju da Zajmoprimac želi promenu kamate, primenjivaće se

sledeće odredbe:

Period fiksne kamatne stope. Period fiksne kamatne stope je

period od datuma utvrđivanja fiksne kamatne stope na osnovu

člana 4.1 c) (iv) (Fiksna kamatna stopa) ovog sporazuma o

zajmu (u daljem tekstu: „Fiksna kamatna stopa”) koji se

primenjuje na zahtev Zajmoprimca („Datum stupanja na

snagu”) do isplate poslednje rate u celosti; Datum stupanja na

snagu mora biti Datum plaćanja.

ii)

Obaveštavanje KfW-a. Zajmoprimac će obavestiti KfW o zahtevu

za promenu kamatne stope u formi koja odgovara onoj datoj u

Prilogu 5 (Obrazac zahteva za promenu kamatne stope) ovog

sporazuma o zajmu. Obaveštenje mora sadržati željeni Datum

stupanja na snagu i mora biti primljen u Frankfurtu na Majni,

Savezna Republika Nemačka, najkasnije do 12:00 časova do

petnaestog Radnog dana banaka pre navedenog Dana stupanja

na snagu.

iii)

Kotacija kamatne stope. Pravovremeno ali najkasnije do 12:00

časova po vremenu u Frankfurtu na Majni, Savezna Republika

Nemačka, petog (5.) Radnog dana banaka pre Datuma stupanja

na snagu, KfW će Zajmoprimcu dati neobavezujuću kotaciju

fiksne kamatne stope koja bi se primenjivala u skladu sa članom 4.1 c) (iv) (Fiksna kamatna stopa) ovog sporazuma, kada bi se

ta promena primenila na dan te kotacije.

Ukoliko Zajmoprimac neopozivo potvrdi KfW-u Promenu

kamatne stope i Datum stupanja na snagu do 12:00 časova po

vremenu u Frankfurtu na Majni, Savezna Republika Nemačka,

najkasnije do četvrtog (4.) Radnog dana banaka pre

dogovorenog Datuma stupanja na snagu, KfW će tada izvršiti Promenu kamatne stope kao što je navedeno i obavestiti

Zajmoprimca o Fiksnoj kamatnoj stopi utvrđenoj na Datum

stupanja na snagu u skladu sa članom 4.1 c) (iv) (Fiksna

kamatna stopa) ovog sporazuma o zajmu.

Ukoliko Zajmoprimac ne prihvati Fiksnu kamatnu stopu koju je

ponudio KfW ili ukoliko KfW ne primi potvrdu Zajmoprimca do

12:00 časova po vremenu u Frankfurtu na Majni, Savezna

Republika Nemačka, do četvrtog (4.) Radnog dana banaka pre

relevantnog Datuma stupanja na snagu, KfW neće sprovesti

promenu Varijabilne kamatne stope u Fiksnu kamatnu stopu.

iv)

Fiksna kamatna stopa. KfW će utvrditi Fiksnu kamatnu stopu na

osnovu uslova na tržištu kapitala Evropske monetarne unije za

dugoročne zajmove uzimajući u obzir troškove koje snosi KfW

uvećane za maržu 0,9% godišnje (slovima: nula zapeta

devedeset procenata). Ako tako obračunata kamatna stopa

padne ispod 0% godišnje, Fiksna kamatna stopa će iznositi 0%

godišnje. Tako utvrđena Fiksna kamatna stopa primenjivaće se

do otplate poslednje rate u skladu sa planom otplate utvrđenim u

članu 5.1 (Plan otplate) ovog sporazuma o zajmu. KfW će bez

odlaganja obavestiti Zajmoprimca o Fiksnoj kamatnoj stopi.

Naknada za odustajanje od isplate. Ukoliko je nakon

obaveštenja u skladu sa članom 4.1 c) (iii) (Kotacija kamatne

stope) ovog sporazuma o zajmu, KfW utvrdio Fiksnu kamatnu

stopu za Iznos Zajma u skladu sa članom 4.1 c) (Promena na

fiksnu kamatnu stopu na zahtev Zajmoprimca) ovog sporazuma

o zajmu i ukoliko Zajmoprimac potom otkaže Promenu kamatne

stope ili ukoliko je Promena kamatne stope otkazana iz drugih

razloga za koje KfW nije odgovoran, Zajmoprimac će, na zahtev,

bez odlaganja platiti KfW-u Naknadu za odustajanje od isplate.

Naknada za odustajanje od isplate biće utvrđena obračunom

iznosa (ako postoji) kojim:

Inicijalni troškovi KfW-a finansiranja odgovarajućeg iznosa

zajma na evro tržištu kapitala (utvrđeni na datum kada je

KfW utvrdio Fiksnu kamatnu stopu za iznos Zajma u

skladu sa članom 4.1 c) (Promena na Fiksnu kamatnu

stopu na zahtev Zajmoprimca)) do kraja perioda sa fiksnom kamatnom stopom koja bi se primenjivala na Iznos

zajma da je izvršena promena na Fiksnu kamatnu stopu u

skladu sa obaveštenjem od strane Zajmoprimca;

premašuju:

ii)

Prihod koji bi KfW ostvario reinvestiranjem iznosa koji je

jednak odgovarajućem iznosu Zajma na evro tržištu

kapitala do kraja perioda sa fiksnom kamatnom stopom.

Tako utvrđeni iznos biće diskontovan primenjivom krivom kamatne stope za reinvestiranje.

vi)

Bez ponovne konverzije. Nakon Promene kamatne stope,

ponovna konverzija iz fiksne kamatne stope u varijabilnu

kamatnu stopu nije moguća.

Odredba4.2

Obračun kamate. Kamata na isplaćen iznos Zajma će se zaračunavati od

datuma (uključujući i taj dan) kada je odgovarajući iznos Zajma isplaćen

sa računa Zajma koji je KfW otvorio za Zajmoprimca do datuma

(isključujući taj dan) kada su pojedinačne rate otplate Zajma uplaćene na

račun KfW-a naveden u članu 6.3 (Broj računa, vreme uplate) ovog

sporazuma. Ukoliko je primenjena Promena kamate u skladu sa članom 4.1 c) (Promena na fiksnu kamatnu stopu na zahtev Zajmoprimca) ovog

sporazuma, kamata će se obračunati uključujući i dan kada su otplate

realizovane, bez kamate na Dan stupanja na snagu. Kamata će se

obračunavati u skladu sa članom 6.1 (Obračun) ovog sporazuma o

zajmu.

Odredba4.3

Datumi plaćanja. Kamata za prethodni period dospeva za plaćanje na

datume navedene u daljem tekstu (svaki od njih „Datum plaćanja”):

pre datuma dospeća prve rate otplate, dana 15. maja i 15. novembra

svake godine, ali ne pre Datuma plaćanja koji sledi nakon dana kada

ovaj sporazum o zajmu stupi na snagu i proizvodi pravno dejstvo, u

skladu sa članom 14.10 (Stupanje na snagu i dejstvo) ovog

sporazuma;

na datum dospeća prve rate otplate prema članu 5.1 (Plan otplate) ovog

sporazuma, zajedno sa tom ratom;

potom na datume dospeća rata otplate prema članu 5.1 (Plan otplate)

ovog sporazuma o zajmu.

5. Otplata i prevremena otplata

Odredba5.1

Plan otplate. Zajmoprimac će otplatiti Zajam kao što sledi:

Rata	Datum dospeća	Rata otplate u EUR
1.	15. maj 2027.	7.941.176,47
2.	15. novembar 2027.	7.941.176,47
3.	15. maj 2028.	7.941.176,47
4.	15. novembar 2028.	7.941.176,47
5.	15. maj 2029.	7.941.176,47
6.	15. novembar 2029.	7.941.176,47
7.	15. maj 2030.	7.941.176,47
8.	15. novembar 2030.	7.941.176,47
9.	15. maj 2031.	7.941.176,47
10.	15. novembar 2031.	7.941.176,47
11.	15. maj 2032.	7.941.176,47
12.	15. novembar 2032.	7.941.176,47
13.	15. maj 2033.	7.941.176,47
14.	15. novembar 2033.	7.941.176,47
15.	15. maj 2034.	7.941.176,47
16.	15. novembar 2034.	7.941.176,47
17.	15. maj 2035.	7.941.176,48

← Pomerite tabelu levo/desno za više detalja →

Ovaj plan otplate može biti izmenjen s vremena na vreme u skladu sa

članom 5.5 (Revidirani Plan otplate).

Odredba5.2

Neisplaćeni iznosi Zajma. Neisplaćeni iznosi Zajma se saldiraju sa ratom

otplate koja poslednja dospeva u skladu sa odgovarajućim Planom otplate, utvrđenim u članu 5.1 (Plan otplate) ovog sporazuma o zajmu

osim ako strane ne dogovore neki drugi način saldiranja.

Odredba5.3

Otplata u slučaju nepotpune isplate. Ukoliko rata otplate dospe za

plaćanje pre nego što je Zajam isplaćen u celosti, to neće uticati na Plan

otplate naveden u članu 5.1. (Plan otplate) ovog sporazuma sve dok je

rata otplate koja dospeva za plaćanje prema Planu otplate manja od

iznosa Zajma koji je isplaćen ali još nije otplaćen (u daljem tekstu:

„Neotplaćen iznos Zajmaˮ). Ukoliko rata otplate koja dospeva u skladu

sa članom 5.1 (Plan otplate) ovog sporazuma premaši Neotplaćen iznos

Zajma, takva rata otplate će se smanjiti na iznos Neotplaćenog iznosa

Zajma, a razlika će biti ravnomerno dodeljena ratama otplate koje su još

neotplaćene. Prilikom obračuna Neotplaćenog iznosa Zajma, KfW

zadržava pravo da razmotri isplate iz Zajma izvršene u periodu od 45 ili

manje dana pre Datuma plaćanja kako bi utvrdio iznos Neotplaćenog

iznosa Zajma samo za sledeći Datum plaćanja.

Odredba5.4

Prevremena otplata. U slučaju prevremene otplate primenjivaće se

sledeće:

Pravo na prevremenu otplatu. Zajmoprimac, u skladu sa narednim

stavovima od 5.4 b) (Obaveštenje) do 5.4 e) (Saldiranje) ovog

sporazuma o zajmu, ima pravo da izvrši otplatu Zajma pre planiranog

datuma dospeća pod uslovom da prevremeno otplaćeni iznos bude

barem jednak iznosu rate otplate prema članu 5.1 (Plan otplate) ovog

sporazuma o zajmu.

Obaveštenje. U skladu sa članom 5.4 a) (Pravo na prevremenu otplatu)

ovog sporazuma, prevremena otplata nekog iznosa Zajma mora biti

predmet obaveštenja o prevremenoj otplati koje Zajmoprimac šalje

KfW-u najkasnije petnaestog Radnog dana banaka pre nameravanog

datuma prevremene otplate. Ovakvo obaveštenje je neopozivo; ono

mora sadržati datum kada će se prevremena otplata izvršiti, iznos

prevremene oplate i obavezuje Zajmoprimca da naznačenog datuma

uplati KfW-u navedeni iznos.

Naknada za prevremenu otplatu. Ukoliko Zajmoprimac prevremeno

otplati

iznos Zajma sa fiksnom kamatnom stopom; ili

ii)

iznos Zajma sa Varijabilnom kamatnom stopom pre kraja

odgovarajućeg Kamatnog perioda,

Zajmoprimac bez odlaganja plaća KfW-u, na zahtev, taj iznos koji je

neophodan kako bi se nadoknadili svi gubici, rashodi ili troškovi koje je

KfW snosio kao rezultat te prevremene otplate (u daljem tekstu:

„Naknada za prevremenu otplatu”). KfW će utvrditi visinu iznosa

Naknade za prevremenu otplatu i o tome obavestiti Zajmoprimca. Na

zahtev Zajmoprimca, KfW će Zajmoprimcu obezbediti preliminarni

iznos Naknade za prevremenu otplatu pre obaveznog neopozivog

obaveštenja o otplati u skladu sa članom 5.4 b) (Obaveštenje) ovog

sporazuma o zajmu.

Dospeli iznosi. Zajedno sa prevremenom otplatom u skladu sa članom 5.4 a) (Pravo na prevremenu otplatu) ovog sporazuma, Zajmoprimac

plaća sledeće iznose:

bilo koju naknadu za prevremenu otplatu koja dospeva kao

rezultat prevremene otplate u skladu sa članom 5.4 c) (Naknada

za prevremenu otplatu) ovog sporazuma; i

ii)

celokupnu pripisanu kamatu na prevremeno otplaćeni deo Zajma

i sva druga plaćanja koja su i dalje neizmirena po ovom

sporazumu, a koja su nastala do datuma prevremene otplate.

Saldiranje. Prevremeno otplaćeni iznosi Zajma biće saldirani u odnosu

na odgovarajuću poslednju ratu otplate koja dospeva u skladu sa

planom otplate navedenim u članu 5.1 (Plan otplate) ovog sporazuma

o zajmu, osim ako KfW po sopstvenom nahođenju nakon prethodne

konsultacije sa Zajmoprimcem ne odabere drugu opciju saldiranja u

pojedinačnim slučajevima.

Odredba5.5

Revidirani Plan otplate. U slučaju primene člana 5.3 (Otplata u slučaju

nepotpune isplate) ili člana 5.4 (Prevremena otplata) ovog sporazuma o

zajmu, KfW će Zajmoprimcu proslediti revidirani plan otplate koji će

postati sastavni deo ovog sporazuma i zameniti bilo koji plan otplate koji

je primenjiv u vreme takve zamene nakon poslednje isplate po Zajmu od

strane KfW-a.

6. Obračuni i plaćanja

Odredba6.1

Obračun. Sledeće će se primenjivati na obračun kamate, proviziju na

nepovučena sredstva, zateznu kamatu u skladu sa članom 6.5 (Zatezna

kamata) ovog sporazuma o zajmu, paušalnu naknadu za neplaćene

iznose u skladu sa članom 6.6 (Paušalna naknada) ovog sporazuma,

Naknadu za odustajanje od isplate i Naknadu za prevremenu otplatu:

Ukoliko se primenjuje varijabilna kamatna stopa na relevantni iznos

Zajma, kamata, zatezna kamata, paušalna naknada za neplaćene

iznose, Naknada za odustajanje od isplate i Naknada za prevremenu

otplatu obračunavaju se na osnovu godine u trajanju od 360 dana i

stvarnog broja dana koji su prošli.

Ukoliko se primenjuje fiksna kamatna stopa na relevantni iznos Zajma,

kamata, zatezna kamata, paušalna naknada za neplaćene iznose,

Naknada za odustajanje od isplate i Naknada za prevremenu otplatu

obračunavaju se na osnovu godine u trajanju od 360 dana i meseci u

trajanju od 30 dana.

Provizija na nepovučena sredstva obračunava se na osnovu godine u

trajanju od 360 dana i meseci u trajanju od 30 dana.

Odredba6.2

Datum dospeća. Ukoliko neko plaćanje koje treba da bude izvršeno

prema ovom sporazumu dospeva na dan koji nije Radni dan banaka,

Zajmoprimac mora izvršiti takvo plaćanje narednog Radnog dana

banaka. Ukoliko sledeći Radni dan banaka pada narednog kalendarskog

meseca, takvo plaćanje mora biti izvršeno poslednjeg Radnog dana

banaka tekućeg kalendarskog meseca.

Odredba6.3

Broj računa, vreme uplate. Zajmoprimac će biti oslobođen obaveza

plaćanja koje proizlaze iz ovog sporazuma čim se utvrdi da su

odgovarajući iznosi uplaćeni KfW-u i da su na raspolaganju KfW-u bez

ikakvih umanjenja iznosa u evrima, da je uplata izvršena najkasnije do 10

sati prepodne u Frankfurtu na Majni, Savezna Republika Nemačka, na

račun KfW-a u Frankfurtu na Majni, Savezna Republika Nemačka, broj

IBAN DE 92 5002 0400 3122 3012 32 uz naznaku datuma dospeća kao

dodatne reference („Ref. godina/mesec/dan”).

Odredba6.4

Protivpotraživanja Zajmoprimca. Zajmoprimac nema pravo da zahteva

zadržavanje ili poravnanje iznosa ili neka druga slična prava u vezi sa

obavezom plaćanja prema ovom sporazumu, osim ukoliko su takva prava

ustanovljena putem konačne i obavezujuće (rechtskräftig) sudske

odluke ili arbitražne odluke ili (ii) nisu osporena od strane KfW-a.

Odredba6.5

Zatezna kamata. Ukoliko bilo koja rata otplate ili prevremene otplate u

skladu sa članom 5.4 (Prevremena otplata) ovog sporazuma o zajmu ne

bude na raspolaganju KfW-u na dan dospeća, KfW može, bez

prethodnog upozorenja, naplatiti zateznu kamatu za period koji počinje

na datum dospeća i završava se na dan izvršenja takve uplate na račun

KfW-a naveden u članu 6.3 (Broj računa, vreme uplate) ovog sporazuma

o zajmu po stopi od 200 baznih poena na godišnjem nivou iznad

Varijabilne kamatne stope koju utvrdi KfW za relevantni Kamatni period u

skladu sa članom 4. (Kamata) ovog sporazuma o zajmu. Takva zatezna

kamata mora biti plaćena odmah na prvi zahtev KfW-a. Ukoliko se

pripisana kamata odnosi na dospele iznose po Fiksnoj kamatnoj stopi u

skladu sa članom 4.1 c) (Promena u Fiksnu kamatnu stopu na zahtev

Zajmoprimca) ovog sporazuma do njihovog roka dospeća, KfW može

zahtevati plaćanje zatezne kamate od datuma dospeća do datuma

plaćanja po stopi od 200 baznih poena iznad ove godišnje Fiksne

kamatne stope.

Odredba6.6

Paušalna naknada. Za dospele a neplaćene iznose (uz izuzetak onih rata

otplate i prevremene otplate navedenih u članu 6.5 (Zatezna kamata)

ovog sporazuma) KfW može, bez prethodnog upozorenja, zahtevati

uplatu paušalne naknade za period od datuma dospeća do datuma

uplate, po stopi od 200 baznih poena na godišnjem nivou iznad

Varijabilne kamatne stope navedene u članu 4. (Kamata) ovog

sporazuma. Ukoliko je Varijabilna kamatna stopa zamenjena Fiksnom

kamatnom stopom u skladu sa članom 4.1 c) (Promena u Fiksnu

kamatnu stopu na zahtev Zajmoprimca) ovog sporazuma o zajmu, KfW

može zahtevati plaćanje paušalne naknade na dospele iznose od datuma

dospeća do datuma plaćanja po stopi od 200 baznih poena na godišnjem

nivou iznad godišnje Fiksne kamatne stope. Takva zatezna kamata mora

biti plaćena odmah na prvi zahtev KfW-a. Zajmoprimac je slobodan da

dokaže da nije nastala šteta ili da je šteta bila manja od paušalne

naknade.

Odredba6.7

Saldiranje. KfW ima pravo na saldiranje primljenih plaćanja u odnosu na

plaćanja koja dospevaju a nisu izmirena prema ovom sporazumu.

Odredba6.8

Obračuni od strane KfW-a. Ukoliko nema očiglednih grešaka, vrednosti

obračunate od strane KfW-a i obračuni dospelih iznosa od strane KfW-a

u vezi sa ovim sporazumom o zajmu, predstavljaju prima-facie dokaz

(Anscheinsbeweis).

7. Garancija Savezne Republike Nemačke

Pre prve isplate, za potraživanja KfW-a na osnovu ovog sporazuma,

garantovaće Savezna Republika Nemačka.

8. Nezakonitost

Ukoliko, prema bilo kojoj važećoj jurisdikciji, postane nezakonito da KfW

vrši svoje obaveze kako je predviđeno ovim sporazumom, ili finansira ili

održava Zajam, nakon što KfW obavesti Zajmoprimca

obaveza KfW-a će se odmah otkazati; i

Zajmoprimac će otplatiti Zajam u celosti na poslednji dan Kamatnog

perioda u kome je KfW obavestio Zajmoprimca ili, ukoliko je ranije, datum

koji je KfW utvrdio u obaveštenju dostavljenom Zajmoprimcu (koji nije

ranije od poslednjeg dana bilo kog primenjivog zakonom dozvoljenog

perioda počeka).

Radi izbegavanja bilo kakve sumnje, bilo kakvo otkazivanje na osnovu ovog

sporazuma o zajmu podleže članu 2.5 (Naknada za odustajanje od isplate) i

bilo koja otplata Zajma prema ovom sporazumu predstavlja prevremenu

otplatu i biće predmet odredbi definisanih u članu 5.4 c) (Naknada za

prevremenu otplatu) i d) (Dospeli iznosi).

9. Troškovi i javne dažbine

Odredba9.1

Bez odbitaka ili obustava. Zajmoprimac će izvršiti sva plaćanja po ovom

sporazumu bez odbitaka na ime poreza, drugih javnih dažbina ili drugih

troškova. U slučaju da Zajmoprimac ima zakonsku ili obavezu druge vrste

da izvrši takav odbitak ili umanjenje bilo kog plaćanja, onda će platiti svaki neophodan dodatni iznos KfW-u tako da preostali neto iznos posle

bilo kog odbitka ili umanjenja odgovara iznosu koji bi bio plativ da do

odbitka ili umanjenja nije ni došlo.

Odredba9.2

Troškovi. Zajmoprimac snosi sve troškove i rashode nastale u vezi sa

isplatom i otplatom Zajma, posebno troškove doznačavanja i prenosa

(uključujući i provizije za konverziju), kao i sve troškove i rashode koji

nastanu u vezi sa održavanjem ili izvršenjem ovog sporazuma i sa njim

bilo kog povezanog dokumenta, kao i sva prava koja iz toga proističu.

Odredba9.3

Porezi i druge dažbine. Zajmoprimac snosi sve poreze i druge javne

dažbine nastale van Savezne Republike Nemačke u vezi sa

zaključivanjem i izvršenjem ovog sporazuma. Ukoliko KfW unapred plati

iznos takvih poreza ili dažbina, Zajmoprimac će bez odlaganja, odmah po

zahtevu KfW-a uplatiti pomenuti iznos na račun KfW-a naveden u članu 6.3 (Broj računa, vreme uplate) ovog sporazuma o zajmu ili na drugi

račun koji precizira KfW.

10. Posebne obaveze

Odredba10.1

Sprovođenje Programa i posebne informacije. Zajmoprimac će

pripremiti, implementirati, upravljati i održavati Program u skladu sa

dobrim finansijskim i tehničkim praksama, u skladu sa ekološkim i

socijalnim standardima i u svim pojedinostima u skladu sa konceptom

Programa dogovorenim između Zajmoprimca i KfW-a;

osigurati da se aktivnosti sektora i institucija koje se odnose na

sprovođenje Programa realizuju i da se njima koordinira u skladu sa

dobrim administrativnim politikama i procedurama;

obezbediti finansiranje Programa u celosti i na zahtev dostaviti KfW-u

dokaze kojima se potvrđuje da su troškovi koji se ne finansiraju iz

Zajma takođe pokriveni;

voditi knjige i evidencije ili poveriti vođenje knjiga i evidencija u svoje

ime, koje nedvosmisleno prikazuju implementaciju i napredak

Programa;

omogućiti KfW-u i njegovim zastupnicima u bilo koje vreme uvid u

takve knjige i evidencije i svu drugu dokumentaciju od značaja za

sprovođenje i funkcionisanje Programa;

dostaviti KfW-u sve informacije i podatke o Programu i njegovom

daljem napredovanju, ukoliko to KfW bude zahtevao;

odmah i na sopstvenu inicijativu,

(i)

proslediti KfW-u bilo koje upite koje Zajmoprimac primi od strane

OECD-a ili njegovih članica prema tzv. „Sporazumu o

transparentnosti odobrenih ODA kreditaˮ i usklađivati odgovor na

takve upite sa KfW-om; i

ii)

obaveštavati KfW o svim okolnostima koje onemogućavaju ili

ozbiljno ugrožavaju sprovođenje, funkcionisanje ili svrhu

Programa; i

dostaviti KfW-u sve informacije vezane za Program koje su

dostavljene SB i/ili AFD-u istovremeno kada se te informacije

dostavljaju navedenim institucijama.

Odredba10.2

Detaljne informacije o sprovođenju Projekta. Detaljne informacije koje se

odnose na član 10.1 (Sprovođenje Programa i posebne informacije) ovog

sporazuma date su u Prilogu 7 („Opis Programa”). Zajmoprimac se

obavezuje da će sve vreme poštovati obaveze definisane u njemu.

Odredba10.3

Usklađenost. Zajmoprimac se obavezuje da će sve vreme poštovati

obaveze definisane u Prilogu 6 (Odredbe o usklađenosti).

Odredba10.4

Praćenje Programa. Zajmoprimac i KfW će se s vremena na vreme a na

zahtev bilo koje strane konsultovati i razmeniti mišljenje o razvoju

Programa i postignutom napretku u smislu implementacije sektorskih

reformi. Pre svake takve konsultacije i razmene mišljenja, Zajmoprimac

će dostaviti KfW-u na razmatranje i komentare izveštaj o napretku

implementacije Programa, onoliko detaljno koliko to KfW može razumno

tražiti.

Odredba10.5

Rangiranje pari passu. Zajmoprimac garantuje i izjavljuje da se njegove

obaveze po osnovu ovog sporazuma o zajmu rangiraju i izvršavaju

najmanje pari passu sa svim ostalim neobezbeđenim i nepodređenim

obavezama plaćanja i Zajmoprimac će obezbediti do nivoa dozvoljenog

zakonom da je ovo rangiranje takođe obezbeđeno za sve buduće

neobezbeđene i nepodređene obaveze plaćanja.

11. Raskid Sporazuma

Odredba11.1

Razlozi za raskid. KfW može ostvariti prava definisana u članu 11.2

(Pravne posledice nastanka osnova za raskid) ovog sporazuma o zajmu

ukoliko nastane događaj koji se smatra materijalnim razlogom (Wichtiger

Grund). Materijalnim razlogom će se posebno smatrati sledeće okolnosti:

ukoliko Zajmoprimac ne izvrši obavezu plaćanja prema KfW-u po

dospeću;

ukoliko dođe do kršenja obaveza prema ovom sporazumu o zajmu, kao i

bilo kojim pravno obavezujućim dodatnim ugovorima uz ovaj

sporazum o zajmu;

ukoliko ovaj sporazum o zajmu ili bilo koji njegov deo prestane da bude

obavezujući za Zajmoprimca ili prestane da se primenjuje na

Zajmoprimca;

ukoliko se ispostavi da su bilo koja izjava, potvrda, informacija,

zastupanje ili garancija koji su po mišljenju KfW-a od ključnog značaja

za odobrenje i izvršenje Zajma netačni, dovode u zabludu ili

nepotpuni;

ukoliko nastanu druge vanredne okolnosti usled kojih se odlaže ili

sprečava izvršenje obaveza prema ovom sporazumu o zajmu;

ukoliko Zajmoprimac ne bude u mogućnosti da dokaže da su iznosi

Zajma upotrebljeni u dogovorene svrhe;

ukoliko Zajmoprimac obustavi plaćanja poveriocima, ili je nesolventan ili

započne pregovore sa jednim ili više poverilaca o moratorijumu, otpisu

neizmirenih dugovanja, odlaganju plaćanja ili prekidu servisiranja

duga.

Odredba11.2

Pravne posledice nastanka osnova za raskid. Ukoliko je nastao bilo koji

od slučajeva navedenih u članu 11.1 (Razlozi za raskid) ovog

sporazuma, KfW može odmah obustaviti isplate prema ovom sporazumu

o zajmu. Ukoliko takav slučaj nije rešen u roku od pet dana (u slučaju

člana 11.1 a) ovog sporazuma) ili u svim drugim slučajevima navedenim

u članu 11.1 (Razlozi za raskid) ovog sporazuma o zajmu u periodu koji

odredi KfW a koji ne može biti kraći od 30 dana, KfW može raskinuti ovaj

sporazum o zajmu u celini ili bilo koji njegov deo, što može imati za

posledicu da će njegove obaveze prema ovom sporazumu o zajmu

prestati i KfW može zahtevati trenutnu otplatu celog ili dela Neotplaćenog

iznosa Zajma, zajedno sa dospelom kamatom i ostalim iznosima koji se

duguju prema ovom sporazumu o zajmu. Članovi 6.5 (Zatezna kamata) i

6.6 (Paušalna naknada) ovog sporazuma primenjuju se mutatis mutandis

na ubrzanu naplatu iznosa.

Odredba11.3

Odšteta. U slučaju da ovaj sporazum o zajmu bude u celosti ili delimično

raskinut, Zajmoprimac će platiti Naknadu za odustajanje od isplate u

skladu sa članom 2.5 (Naknada za odustajanje od isplate) i/ili Naknadu

za prevremenu otplatu u skladu sa članom 5.4 c) (Naknada za

prevremenu otplatu).

12. Zastupanje i izjave

Odredba12.1

Zastupanje Zajmoprimca. Ministar finansija i lica koje on/ona imenuje i

koja su ovlašćena deponovanim potpisima, uz potvrdu ministra,

predstavljaju Zajmoprimca za potrebe sprovođenja ovog sporazuma.

Ovlašćenje u pogledu zastupanja smatraju se punovažnim sve dok KfW

ne primi izričiti opoziv od predstavnika Zajmoprimca ovlašćenog u tom

trenutku.

Odredba12.2

Adrese: Obaveštenja ili izjave u vezi sa ovim sporazumom moraju biti u

pisanoj formi. Ona se šalju u vidu originala. Sva obaveštenja i izjave date

u vezi sa ovim sporazumom šalju se na sledeće adrese:

Za KfW: KfW

Postfach 11 11 41

60046 Frankfurt am Main

Germany

Fax: +49 69 7431-2944 Za zajmoprimca: Ministarstvo finansija

Kneza Miloša 20, 11000 Beograd

Republika Srbija

13. Objavljivanje i dostavljanje informacija u vezi sa Programom

Odredba13.1

Objavljivanje informacija u vezi sa Programom od strane KfW-a. U

skladu sa međunarodno prihvaćenim načelima krajnje transparentnosti i

efikasnosti u razvojnoj saradnji, KfW objavljuje odabrane informacije

(uključujući rezultate o zaštiti životne sredine i socijalne kategorizacije i

procene, kao i ex post izveštaje o oceni) o Programu i načinu njegovog

finansiranja u toku pregovora koji se vode pre potpisivanja sporazuma, u

toku same realizacije sporazuma u vezi sa Programom i u fazi nakon

realizacije sporazuma (u daljem tekstu: „Čitav period”).

Informacije se redovno objavljuju na veb stranici KfW razvojne banke (https://www.kfw.de/microsites/Microsite/transparenz.kfw.de/#/start).

Objavljivanje informacija (od strane KfW-a ili od trećih strana, u skladu sa

članom 13.3 (Dostavljanje informacija u vezi sa Projektom trećim

stranama i njihovo objavljivanje od strane istih) o Programu i načinu

njegovog finansiranja ne uključuje nikakvu ugovornu dokumentaciju niti

osetljive finansijske ili poslovne informacije o stranama koje učestvuju u

Programu ili njegovom finansiranju, kao što su

informacije o internim finansijskim podacima;

poslovne strategije;

interni pravilnici i izveštaji;

lični podaci fizičkih lica;

KfW-ov interni rejting finansijskog stanja strana.

Odredba13.2

Dostavljanje informacija u vezi sa Programom trećim stranama. KfW

dostavlja odabrane informacije o Programu i načinu njegovog

finansiranja tokom Čitavog perioda subjektima navedenim u nastavku, u

cilju obezbeđivanja transparentnosti i efikasnosti:

zavisnim društvima KfW-a;

Saveznoj Republici Nemačkoj i njenim nadležnim telima, organima,

institucijama, agencijama ili subjektima;

drugim organizacijama uključenim u nemačku bilateralnu razvojnu

saradnju, posebno Deutsche Gesellschaft für Internationale

Zusammenarbeit (GIZ) GmbH;

međunarodnim organizacijama uključenim u prikupljanje statističkih

podataka i njihovim članovima, posebno Organizaciji za ekonomsku

saradnju i razvoj (OECD), Pariskom klubu i njegovim članovima (kako

bi se izbegla bilo kakva sumnja, uključujući i učesnike i posmatrače

Pariskog kluba);

Svetskoj banci (SB);

Francuskoj agenciji za razvoj (AFD).

Odredba13.3

Dostavljanje informacija u vezi sa Programom trećim stranama i njihovo

objavljivanje od strane istih. Pored gore navedenog, Savezna Republika

Nemačka zahteva od KfW-a da dostavlja odabrane informacije o

Programu i njegovom finansiranju tokom Čitavog perioda sledećim

institucijama koje objavljuju delove koji su od značaja za određenu svrhu:

Saveznoj Republici Nemačkoj za potrebe Inicijative transparentnosti

međunarodne pomoći

(https://www.bmz.de/en/ministry/facts-figures/project-and-organisation-

data)

Nemačkoj agenciji za trgovinu i investicije (GTAI) za potrebe

informisanja o tržištu (https://www.gtai.de/de/trade)

OECD-u za potrebe izveštavanja o finansijskim tokovima u okviru

razvojne saradnje (https://www.oecd.org/)

Nemačkom institutu za ocenu razvoja (DEval) za potrebe ocene

sveukupne razvojne saradnje Nemačke, kako bi se obezbedila

transparentnost i efikasnost (https://www.deval.org/en/).

Odredba13.4

Dostavljanje informacija u vezi sa Programom drugim trećim stranama

(uključujući njihovo objavljivanje od strane istih). KfW zadržava pravo da

prenese informacije (uključujući i za potrebe objavljivanja) o Programu i

njegovom finansiranju tokom Čitavog perioda drugim trećim stranama u

cilju zaštite legitimnog interesa.

KfW ne prenosi informacije drugim trećim stranama ako je legitiman

interes Zajmoprimca da se informacije ne prenose dalje važniji od

interesa KfW-a da te informacije prenese. Legitimni interes Zajmoprimca

se posebno odnosi na poverljivost osetljivih podataka iz člana 13.1

(Objavljivanje informacije u vezi sa Programom od strane KfW-a), koje se

ne objavljuju.

Pored toga, KfW ima pravo da prenosi informacije trećim stranama

ukoliko je to neophodno zbog zakonskih ili regulatornih zahteva ili kako bi

se dokazala ili branila potraživanja ili druga zakonska prava na sudu ili i

upravnom postupku.

14. Opšte odredbe

Odredba14.1

Radni dan banaka.

„Radni dan banaka” označava svaki dan (osim subote i nedelje) kada

su poslovne banke u Frankfurtu na Majni, Savezna Republika Nemačka

otvorene radi obavljanja opštih poslova; pod uslovom da za potrebe

definisanja bilo kog datuma otplate, Datuma utvrđivanja referentne stope

i Datuma plaćanja u vezi sa Zajmom predviđenim u skladu sa ovim

sporazumom o zajmu i za određivanje bilo kog datuma za isplatu ili

druga plaćanja u skladu sa tim, taj dan mora dodatno biti TARGET dan.

„TARGET dan” označava dan kada je Transevropski automatski sistem

ekspresnog transfera bruto plaćanja u realnom vremenu (TARGET)

otvoren za plaćanje.

Odredba14.2

Mesto izvršenja. Mesto izvršenja svih obaveza po ovom sporazumu o

zajmu je Frankfurt na Majni, Savezna Republika Nemačka.

Odredba14.3

Nevažeće odredbe i praznine. Ukoliko bilo koja odredba ovog sporazuma

o zajmu jeste ili postane nevažeća, ili ukoliko postoji praznina u bilo kojoj

odredbi ovog sporazuma o zajmu, to neće imati uticaja na pravnu valjanost ostalih odredbi sporazuma o zajmu. Strane ovog sporazuma će

zameniti sve nevažeće odredbe pravno važećim odredbama koje su

najbliže duhu i svrsi nevažećih odredbi. Strane će popuniti svaku

prazninu u odredbama pravno valjanim odredbama koje su najbliže duhu

i svrsi ovog sporazuma.

Odredba14.4

Pisani oblik. Izmene i dopune ovog sporazuma moraju biti u pisanom

obliku. Strane moraju u pisanom obliku da najave svako odstupanje u

odnosu na ovaj zahtev.

Odredba14.5

Ustupanje. Zajmoprimac ne može da ustupi ili prenese, založi ili stavi

pod hipoteku bilo koje potraživanje iz ovog sporazuma o zajmu.

Odredba14.6

Merodavno pravo. Za ovaj sporazum o zajmu merodavni su zakoni

Savezne Republike Nemačke.

Odredba14.7

Rok zastarevanja. Sva potraživanja KfW-a prema ovom sporazumu ističu

nakon pet godina od kraja godine u kojoj je nastalo potraživanje i u kojoj

KfW postane svestan okolnosti u kojima je takvo potraživanje nastalo, ili

ih je mogao biti svestan da nije bilo krajnje nepažnje.

Odredba14.8

Odricanje od imuniteta. Ako i u meri u kojoj Zajmoprimac može trenutno

ili u budućnosti u bilo kojoj jurisdikciji tražiti za sebe ili za svoju imovinu

imunitet od tužbe, izvršenja, zaplene ili drugog pravnog postupka i u meri

u kojoj u bilo kojoj jurisdikciji takav imunitet može pribaviti za sebe ili

svoju imovinu, Zajmoprimac se ovim neopozivo odriče takvog imuniteta u

pogledu obaveza prema ovom sporazumu o zajmu i u vezi s njim, u meri

u kojoj to dozvoljavaju zakoni u toj jurisdikciji. Ovo odricanje od imuniteta

se neće odnositi na imovinu (i) koja se koristi u okviru diplomatskih,

konzularnih i specijalnih misija, kao i misija pri međunarodnim

organizacijama ili međunarodnim konferencijama države Zajmoprimca ili

ii)

vojnog karaktera ili pod kontrolom vojnih organa.

Odredba14.9

Pravni sporovi. Arbitraža. Sve sporove nastale na osnovu ili u vezi sa ovim

sporazumom o zajmu rešavaće isključivo i konačno arbitražni sud. U

tom slučaju, primenjuju se sledeće odredbe:

Arbitražni sud će se sastojati od jednog ili tri arbitra koji će biti

imenovani i postupati u skladu sa Pravilima arbitraže

Međunarodne trgovinske komore (MTK) koja važe u tom

trenutku.

ii)

Arbitražni postupak će se voditi u Frankfurtu na Majni. Postupak

će se voditi na engleskom jezik.

Odredba14.10

Stupanje na snagu. Sa izuzetkom člana 14.10, ovaj sporazum o zajmu

neće stupiti na snagu sve dok:

Sporazum o zajmu ne bude potvrđen od strane Narodne skupštine

Republike Srbije; i

Zajmoprimac ne dostavi KfW-u pisanu potvrdu, bez odlaganja nakon

ratifikacije, da je Sporazum o zajmu propisno potvrđen i objavljen

prema važećem zakonu.

Ukoliko Sporazum o zajmu nije stupio na snagu u roku od dvanaest

meseci od dana kada je poslednja strana potpisala ovaj sporazum o

zajmu, KfW može da se, od dana koji sledi nakon isteka

dvanaestomesečnog perioda od dana potpisivanja, jednostrano povuče

iz ovog sporazuma o zajmu i time raskine njegovo provizorno nedejstvo

tako što će poslati pisano obaveštenje Zajmoprimcu. U tom slučaju,

Zajmoprimac će platiti Naknadu za odustajanje od isplate u skladu sa

članom 2.5 (Naknada za odustajanje od isplate).

Odredba14.11

Informacije vezane za član 14.10. KfW će Zajmoprimcu poslati pismo u

formi i sadržine slične pismu datom u Prilogu 4 ovog sporazuma o zajmu. Sačinjeno u 4 (četiri) originalna primerka na engleskom jeziku.

U Frankfurtu, na Majni, 18.07.2025. godine u Beogradu, 18.07.2025. godine

Za KfW za Republiku Srbiju

___________________________ ___________________________

Ime i prezime: Florian Sekinger Ime i prezime: Siniša Mali

Funkcija: Šef Odeljenja Funkcija: Prvi potpredsednik Vlade i ministar finansija

___________________________

Ime i prezime: Karsten Sandhop

Funkcija: Direktor Kancelarije

Prilog 1 – Obaveštenje o isplati

Prilog 2 – Obrazac pravnog mišljenja Ministarstva pravde Republike Srbije

Prilog 3 – Pismo potvrde KfW-a o garanciji Vlade Nemačke

Prilog 4 – Informacije koje se odnose na član 14.10

Prilog 5 – Obrazac zahteva za promenu kamate

Prilog 6 – Odredbe o usklađenosti za Zajmoprimca

Prilog 7 – Opis Programa

Prilog 8 – Matrica politika i rezultata

Prilog 9 – Definicije Varijabilne stope