Novi Sad - Bus Fleet Renewal

cancelled

Project Description: Provision of debt financing to Javno gradsko saobracajno preduzece Novi Sad (the "Company", or the "Client"), a public transport company fully owned by the city of Novi Sad (the "City") to help renew its bus fleet. In addition to the acquisition of 29 Compressed Natural Gas ("CNG") buses under the original project, the proposed loan extension entails the financing of up to 10 electric buses with related charging infrastructure to help diversify the Company's bus fleet. The project and its extension fall under the Green Cities Framework 2 ("GrCF2") which is established to provide loans to governments, municipalities, municipal owned and private companies providing municipal services. The over-arching aim of the GrCF2 is to serve as a sector-wide catalyst for addressing environmental challenges at the municipal/city level. This is underpinned through the implementation of a Green Cities Action Plan ("GCAP"), which is a strategic document whereby environmental challenges are benchmarked, priority areas for environmental improvements identified, environmental objectives defined and indicative investments determined. The preparation of GCAP is ongoing and it is financed from the donor funds granted by Green Climate Fund ("GCF").