Serbia Air Quality Improvement Project

signed

Provision of a sovereign loan of up to €50 million to the Republic of Serbia ("RoS"), represented by the Ministry of Finance ("MoF"). The Project will be implemented by the Ministry of Environmental Protection of Serbia ("MEP") and the beneficiaries will be various public entities located across Serbia. The financing will be used for the decommissioning of environmentally harmful boiler houses in up to 10 local self governments ("LSGs") in Serbia as well as investments into sustainable heat sources (including heat pumps, solar thermal, biomass and photovoltaics ('PV') panels) (hereinafter the "Project"). The EBRD loan will also facilitate connection to district heating network where possible, energy rehabilitation of the building envelope and installation of thermostatic valves in order to decrease the demand for energy, and preparation of the project documentation for subsequent phases of the Project.