Tekst sporazuma
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