€200m to improve Serbia’s energy sector

A Serbian electricity company is receiving a €200 million (£142m) investment to improve the country’s power sector. The funding will help state-owned firm Elektroprivreda Srbije (EPS) improve energy efficiency and boost cross-border […]

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By Jacqueline Echevarria

A Serbian electricity company is receiving a €200 million (£142m) investment to improve the country’s power sector.

The funding will help state-owned firm Elektroprivreda Srbije (EPS) improve energy efficiency and boost cross-border distribution and trade.

It will also help its recovery after the Balkan floods last year.

The project is developed with the Government of Serbia, the World Bank and the International Monetary Fund.

Daniel Berg, Director for Serbia at the European Bank for Reconstruction and Development, which provided the fund, said: “EPS needed to respond urgently last year to the unprecedented and catastrophic floods which hit Serbia.  This put huge strains on EPS and we commend the resilience demonstrated by the company and management at that time.

“This loan is hopefully the final step to help EPS recover from the damage and by re-financing liabilities taken at the time, management will be in a position to press forward with a vision for a more efficient company.”