State Owned Financial Institutions Strengthening Project

Abstract*

The development objective of the State-Owned Financial Institutions Strengthening Project for Serbia is to improve the performance of Banka Postanska Stedionica AD Beograd and promote the reform of development finance institutions and other state-owned financial institutions. The project comprises of two components. The first component is support the reform of state owned financial institutions. The second component, strengthen institutional capacity... Show More

Development Objective

The Project Development Objective is to improve the performance of Banka Postanska Stedionica AD Beograd and promote the reform of Development Finance Institutions and Other State-Owned Financial Institutions.

Key Details

Project Details

Project ID
P156837
Status
Closed
Team Leader
Birgitte Berg
Borrower 2
Republic of Serbia

Country
Serbia
Disclosure Date
January 11, 2018
Approval Date
(as of board presentation)
March 20, 2018
Effective Date
August 22, 2018

Total Project Cost 1
US$ 56.00 million
Implementing Agency
Ministry of Finance
Region
Europe and Central Asia
Fiscal Year 3
2018

Commitment Amount
US$ 50.00 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
April 30, 2023

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
October 17, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change1%
- FY17 - Mitigation1%

FY17 - Finance

FY17 - Financial Stability50%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring50%

FY17 - Public Sector Management

FY17 - Public Administration50%
- FY17 - State-owned Enterprise Reform and Privatization50%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
Borrowing Country's Fin. Intermediary/ies	6.00
International Bank for Reconstruction and Development	50.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	50.00
IDA Commitment	N/A
IBRD + IDA Commitment	50.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	56.00

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

No data available.

Detailed Financial Activity as of June 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Mar 20, 2018	IBRD-88320	Loan Commitment	50,000,000.00
Apr 18, 2019	IBRD-88320	Loan Disb	225,080.00
Oct 15, 2023	IBRD-88320	Int Charges	804,463.94
Oct 15, 2023	IBRD-88320	Loan Repay	2,087,788.10
Apr 15, 2024	IBRD-88320	Int Charges	28.40
Apr 15, 2024	IBRD-88320	Int Charges	435.80
Apr 15, 2024	IBRD-88320	Int Charges	901,792.10
Apr 15, 2024	IBRD-88320	Loan Repay	2,119,571.00
Sep 18, 2023	IBRD-88320	Loan Cancel	741,034.20
Apr 15, 2024	IBRD-88320	Int Charges	-136.90
Apr 15, 2024	IBRD-88320	Int Charges	136.90
Aug 21, 2023	IBRD-88320	Loan Disb	77,106.07
Dec 17, 2021	IBRD-88320	Loan Disb	266,574.28
Dec 28, 2022	IBRD-88320	Loan Disb	963,159.56
Oct 15, 2022	IBRD-88320	Int Charges	12,093.31
Oct 15, 2022	IBRD-88320	Int Charges	34,360.79
Apr 25, 2023	IBRD-88320	Loan Disb	7,729,854.00
Apr 15, 2023	IBRD-88320	Int Charges	11,230.75
Apr 15, 2023	IBRD-88320	Int Charges	462,676.30
Apr 15, 2023	IBRD-88320	Loan Repay	1,787,101.80
Apr 15, 2022	IBRD-88320	Int Charges	19,398.36
Apr 15, 2022	IBRD-88320	Int Charges	15,450.31
Nov 19, 2021	IBRD-88320	Loan Disb	9,054,580.00
Nov 19, 2021	IBRD-88320	Loan Disb	464,019.00
Oct 15, 2021	IBRD-88320	Int Charges	31,088.06
Oct 15, 2021	IBRD-88320	Int Charges	12,167.25
Jun 10, 2022	IBRD-88320	Loan Disb	4,247,993.50
Dec 10, 2020	IBRD-88320	Loan Disb	614,146.60
Apr 15, 2021	IBRD-88320	Int Charges	32,053.31
Apr 15, 2021	IBRD-88320	Int Charges	809.14
Apr 15, 2021	IBRD-88320	Int Charges	539.95
Apr 15, 2021	IBRD-88320	Int Charges	13,488.71
Apr 15, 2020	IBRD-88320	Int Charges	9,887.26
Apr 15, 2020	IBRD-88320	Int Charges	549.44
Apr 15, 2020	IBRD-88320	Int Charges	275.01
Apr 15, 2020	IBRD-88320	Int Charges	44,158.50
Jun 29, 2020	IBRD-88320	Loan Disb	2,715,652.20
Oct 15, 2020	IBRD-88320	Int Charges	42,351.49
Oct 15, 2020	IBRD-88320	Int Charges	25,997.96
Sep 30, 2020	IBRD-88320	Loan Disb	7,729,138.50
Apr 15, 2019	IBRD-88320	Int Charges	45,936.50
Apr 15, 2019	IBRD-88320	Int Charges	51.04
Apr 15, 2019	IBRD-88320	Int Charges	55,367.27
Apr 15, 2019	IBRD-88320	Int Charges	717.03
Mar 26, 2019	IBRD-88320	Loan Disb	4,540,924.00
Sep 10, 2019	IBRD-88320	Loan Disb	1,770,655.60
Oct 15, 2019	IBRD-88320	Int Charges	605.12
Oct 15, 2019	IBRD-88320	Int Charges	180.20
Oct 15, 2019	IBRD-88320	Int Charges	48,446.03
Oct 15, 2019	IBRD-88320	Int Charges	9,555.67
Sep 16, 2019	IBRD-88320	Loan Disb	662,310.00
Feb 4, 2020	IBRD-88320	Loan Disb	2,659,592.50
Aug 22, 2018	IBRD-88320	Loan Disb	116,209.80
Aug 22, 2018	IBRD-88320	Fee Charges	116,209.80
Oct 23, 2018	IBRD-88320	Loan Disb	349,789.25
Oct 15, 2023	IBRD-88320	Int Charges	1,486.28

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2023-04-26
Counterpart Funding	Satisfactory	2023-04-26
Project Management	Satisfactory	2023-04-26
Monitoring and Evaluation	Satisfactory	2023-04-26
Progress towards achievement of PDO	Satisfactory	2023-04-26
Procurement	Satisfactory	2023-04-26
Financial Management	Satisfactory	2023-04-26

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 10-17-2023
Outcomes	Highly Satisfactory
Risk to Development Outcome
Bank Performance	Highly Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 04-01-2024	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Highly Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Highly Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

BPS gross amount of performing credit exposures to medium and large private sector enterprises is reduced compared to end-2016 Value 4050.00 700.00 2400.00
Date December 31, 2016 August 31, 2022
Comment
Reduction in state-owned NPLs compared to end-2016 Value 3.87 1.83 3.25
Date December 31, 2016 September 30, 2022
Comment
BPS gross NPLs are reduced compared to end-2016 Value 23.32 5.71 13.99
Date December 31, 2016 August 31, 2022
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

BPS is in compliance with the prudential ratios set forth in Selected NBS Decisions Value Yes Yes Yes
Date December 30, 2016 August 31, 2022
Comment
Number of outreach sessions organized with business representatives as a two-way interaction Value 0.00 3.00 2.00
Date December 30, 2016 September 30, 2022
Comment
Updated NPL resolution strategy, which includes a strategy for state-owned NPLs with a separate action plan, has been adopted Value No Yes Yes
Date December 30, 2016 September 30, 2022
Comment
Strategy for Development Finance has been adopted Value No No Yes
Date December 30, 2016 September 30, 2022
Comment
BPS in compliance with limit on lending to State Owned Enterprises Value Yes Yes Yes
Date December 30, 2016 August 31, 2022
Comment
Tender issued for the sale of SOFIs' NPLs, in an approximate amount of EUR 145.6 million Value No Yes Yes
Date December 30, 2016 September 30, 2022
Comment

BPS BoD adopts (i) strengthened risk management policies and the Executive Board adopts implementing procedures, and (ii) compensation scheme in line with approved 2018-2020 business plan	Value	No	Yes	Yes
	Date	December 30, 2016	September 30, 2022
	Comment

BPS completes installation of core banking system and associated software, hardware and services Value No Yes No
Date December 30, 2016 September 30, 2022
Comment

BPS gross amount of performing credit exposures to medium and large private sector enterprises is reduced compared to end-2016	Value	4050.00	700.00	2400.00
	Date	December 31, 2016	August 31, 2022
	Comment

Reduction in state-owned NPLs compared to end-2016	Value	3.87	1.83	3.25
	Date	December 31, 2016	September 30, 2022
	Comment

BPS gross NPLs are reduced compared to end-2016	Value	23.32	5.71	13.99
	Date	December 31, 2016	August 31, 2022
	Comment

Number of outreach sessions organized with business representatives as a two-way interaction	Value	0.00	3.00	2.00
	Date	December 30, 2016	September 30, 2022
	Comment