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MIGA supports the construction of climate-resilient motorways in central Serbia. Multilateral Investment Guarantee Agency | world bank group

MIGA supports the construction of climate-resilient motorways in central Serbia. Multilateral Investment Guarantee Agency | world bank group

Washington DC, June 22, 2022 — The The Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) has issued guarantees of up to €550 million to a group of lenders to cover loans to the Government of Serbia (GoS) for the construction of a climate-resilient motorway . West Morva River (Morwa Corridor). Financial guarantees for loans extended for a period of up to 15 years by a group of banks led by JPMorgan Chase Bank, NA, London Branch (United States) and include Caixa Bank, SA (Spain), Banco Santander, SA (Spain) is included. , UBS Switzerland AG (Switzerland), Credit Agricole Corporate and Investment Bank (France), Riefen Bank International AG (Austria).

In recent years, GoS has increased investment in public infrastructure such as roads and railways, enhanced the country’s domestic transport capacity and improved connectivity with neighboring countries. GoS intends to make additional progress over the next five years, with ambitious plans to invest up to €9 billion in transport infrastructure projects. The Morva Corridor motorway project is of vital importance for achieving Serbian national infrastructure development and regional integration initiatives to connect the two pan-European corridors within the proposed timeline.

The MIGA guarantee will support the loan for construction, operation and maintenance of a 6-lane 112-km highway along the Morva Corridor. The project will involve construction of associated rest and parking areas, a large number of above-ground structures including interchanges, bridges, culverts, and over and underpasses. Conservation and stabilization of river banks and main river channel will also be a priority in this flood prone area. The project provides for mobile phone and telecommunications network infrastructure to support traffic control activities when the motorway is open for public use.

,In addition to contributing to economic development and tourism, this highway will enhance Serbia’s connectivity with other parts of Europe.,” Told Miga EVP Hiroshi Matano, ,MIGA is committed to working with investors and governments to develop climate-resilient infrastructure – including in this case better river regulation as well as designing highways for better resilience and drainage.,

Morva Corridor will reduce motorway travel time, ensure higher safety standards, reduce traffic accidents and reduce vehicle operating costs. In addition to motorway construction, river regulation work will reduce the effects of flooding along the West Morva river valley, thereby increasing the motorway’s resilience with respect to climate change impacts, particularly flood-related events. The area is reported to be subject to high flood-related risks, as evidenced by the disruption and damage resulting from the 2014 floods. The proposed improvement in flood resilience is the result of significant engagement on management by MIGA. Climate risk and climate resilience planning.

“We are proud to have provided financing on this project, which will facilitate economic development in the region,” Told John Meakin, global head of export and agency finance, JP Morgan,

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MIGA. about

MIGA was established as a member of the World Bank Group in 1988 to promote foreign direct investment in emerging economies by helping to reduce the risk of sanctions on currency conversion and transfer, breach of contract, ownership, and war and civil unrest by governments. was made for; and offering credit enhancement to private investors and lenders.

Since its creation, MIGA has issued more than US$65 billion in guarantees to 120 developing countries.

Contact

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MIGA supports the construction of climate-resilient motorways in central Serbia. Multilateral Investment Guarantee Agency | world bank group

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