Serbia Accelerating Innovation and Growth Entrepreneurship

Abstract*

The objective of the Accelerating Innovation and Growth Entrepreneurship Project for Serbia is to improve (i) the relevance and excellence of scientific research; and (ii) innovative entrepreneurship and access to finance for enterprise growth, as a way of contributing to Serbia’s growth and competitiveness. The project has three components. (1) Research sector reforms component has three subcomponents. Serbia Science Fund subcomponent will: (a) Finance... Show More

Development Objective

The project’s development objective is to improve (i) the relevance and excellence of scientific research, and (ii) innovative entrepreneurship and access to finance for enterprise growth, as a way of contributing to Serbia’s growth and competitiveness. Relevance of research refers to the potential of research results to be commercialized on the market, thus contributing to the economy, while excellence refers to international recognition of the quality of the research.

Key Details

Project Details

Project ID
P170185
Status
Active
Team Leader
Maja Andjelkovic , Ruvejda Aliefendic
Borrower 2
Republic of Serbia

Country
Serbia
Disclosure Date
May 21, 2019
Approval Date
(as of board presentation)
December 13, 2019
Effective Date
May 18, 2020

Total Project Cost 1
US$ 48.00 million
Implementing Agency
Ministry of Science, Technological Development and Innovation (NITRA)
Region
Europe and Central Asia
Fiscal Year 3
2020

Commitment Amount
US$ 74.70 million
Environmental Category
N/A
Last Update Date
April 8, 2024
Closing Date
September 30, 2027

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Associated Projects
P181485
P174542

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 - Economic Policy

FY17 - Economic Growth and Planning13%
- FY17 - Migration, Remittances and Diaspora Engagement13%

FY17 - Environment and Natural Resource Management

FY17 - Climate change1%
- FY17 - Adaptation0%
- FY17 - Mitigation0%

FY17 - Finance

FY17 - Financial Infrastructure and Access21%
- FY17 - MSME Finance21%

FY17 - Private Sector Development

FY17 - Business Enabling Environment84%
- FY17 - Innovation and Technology Policy84%
FY17 - Enterprise Development28%
- FY17 - Entrepreneurship28%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	74.70

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	74.70
IDA Commitment	N/A
IBRD + IDA Commitment	74.70

Lending Instrument
Grant Amount	N/A
Total Project Cost**	48.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

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Period	Financier	Transaction Type	Amount (US$)
Jun 28, 2023	IBRD-90290	Loan Disb	1,853,586.00
Nov 15, 2023	IBRD-90290	Int Charges	25,337.99
May 15, 2024	IBRD-90290	Loan Repay	1,820,261.80
May 15, 2024	IBRD-90290	Int Charges	657,156.75
Dec 13, 2019	IBRD-90290	Loan Commitment	48,000,000.00
May 18, 2020	IBRD-90290	Loan Disb	116,229.00
May 18, 2020	IBRD-90290	Fee Charges	116,229.00
Oct 19, 2020	IBRD-90290	Loan Disb	823,725.00
Oct 19, 2020	IBRD-90290	Loan Disb	882,562.50
Oct 19, 2020	IBRD-90290	Loan Disb	2,353,500.00
Nov 19, 2021	IBRD-90290	Loan Disb	1,052,774.10
Nov 15, 2020	IBRD-90290	Int Charges	28,810.42
Nov 15, 2020	IBRD-90290	Int Charges	62,959.85
Nov 15, 2020	IBRD-90290	Int Charges	229.98
May 15, 2021	IBRD-90290	Int Charges	357.66
May 15, 2021	IBRD-90290	Int Charges	59,195.35
May 15, 2021	IBRD-90290	Int Charges	770.81
Jul 22, 2021	IBRD-90290	Loan Disb	87,096.68
Oct 3, 2022	IBRD-90290	Loan Disb	512,539.88
Oct 3, 2022	IBRD-90290	Loan Disb	2,925,110.80
Nov 15, 2022	IBRD-90290	Int Charges	43,633.07
Nov 15, 2022	IBRD-90290	Int Charges	13,120.73
Aug 24, 2022	IBRD-90290	Loan Disb	317,504.00
Dec 30, 2021	IBRD-90290	Loan Disb	1,699,125.00
Jul 14, 2022	IBRD-90290	Loan Disb	1,348,828.10
Mar 21, 2022	IBRD-90290	Loan Disb	883,600.00
Mar 21, 2022	IBRD-90290	Loan Disb	210,959.50
May 15, 2022	IBRD-90290	Int Charges	47,686.39
Jun 24, 2022	IBRD-90290	Loan Disb	531,968.10
Nov 15, 2021	IBRD-90290	Int Charges	56,853.86
Sep 25, 2023	IBRD-90290	Loan Disb	531,900.00
Jun 2, 2023	IBRD-90290	Loan Disb	473,424.84
Jul 12, 2023	IBRD-90290	Loan Disb	507,012.00
May 15, 2023	IBRD-90290	Int Charges	237,823.81
May 15, 2023	IBRD-90290	Loan Repay	1,092,753.90
May 15, 2023	IBRD-90290	Int Charges	1,302.64
Feb 24, 2023	IBRD-90290	Loan Disb	423,180.00
Feb 24, 2023	IBRD-90290	Loan Disb	3,173,850.00
Apr 28, 2023	IBRD-90290	Loan Disb	2,250,416.80
Jan 31, 2023	IBRD-90290	Loan Disb	1,488,313.40
Apr 25, 2023	IBRD-90290	Loan Disb	617,176.00
Apr 25, 2023	IBRD-90290	Loan Disb	858,556.75
May 15, 2023	IBRD-90290	Int Charges	229.41
May 15, 2023	IBRD-90290	Int Charges	36,519.11
Nov 15, 2022	IBRD-90290	Int Charges	388.70
Oct 3, 2022	IBRD-90290	Loan Disb	537,845.00
May 15, 2024	IBRD-90290	Int Charges	373.37
May 15, 2024	IBRD-90290	Int Charges	5,880.19
May 15, 2024	IBRD-90290	Int Charges	19,417.70
Jun 26, 2024	IBRD-90290	Loan Disb	641,100.00
Feb 16, 2024	IBRD-90290	Loan Disb	732,684.90
Nov 15, 2023	IBRD-90290	Int Charges	532,574.94
Nov 27, 2023	IBRD-90290	Loan Disb	547,700.00
Oct 19, 2023	IBRD-90290	Loan Disb	971,319.10
Dec 22, 2023	IBRD-90290	Loan Disb	1,803,853.60
Nov 15, 2023	IBRD-90290	Loan Repay	1,538,991.80
Nov 15, 2023	IBRD-90290	Int Charges	458.53
Nov 15, 2023	IBRD-90290	Int Charges	4,730.01
Jun 28, 2023	IBRD-90290	Loan Disb	1,110,700.90

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2024-12-03
Procurement	Satisfactory	2024-12-03
Progress towards achievement of PDO	Satisfactory	2024-12-03
Project Management	Satisfactory	2024-12-03
Financial Management	Satisfactory	2024-12-03
Monitoring and Evaluation	Satisfactory	2024-12-03

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of scientific publications in top 10 percent of internationally recognized journals (annual, not cumulative) Value 1000.00 955.00 1150.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
External investment generated by participating companies (USD million) Value 0.00 24.50 7.00
Date December 31, 2019 March 27, 2024 June 30, 2023
Comment
Number of collaborative applied research projects Value 0.00 515.00 400.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of new or improved innovative products or services introduced to the market Value 0.00 56.00 80.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of enterprises completing acceleration program Value 0.00 39.00 120.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Amount of grant awards by SF, cumulative (USD million) Value 0.00 17.60 43.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment

Establishment of Institutional Funding of SROs	Value	Law on Science and Research adopted	Partially implemented: new temporary institutional	New financing model implemented
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Number of diaspora members participating in the program Value 0.00 0.00 70.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of internal assessment of RDIs Value 0.00 61.00 60.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of Serbian researchers participating in the program Value 0.00 0.00 150.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Percentage of which have at least one woman founder Value 0.00 0.00 10.00
Date
Comment
Percentage of which going to projects with women principal investigators Value 0.00 0.00 15.00
Date
Comment
Number of accelerated enterprises achieving at least 10% annual growth one year after the program Value 0.00 0.00 40.00
Date December 31, 2019 August 8, 2023 June 30, 2025
Comment
Amount of international funds attracted by SF supported projects (USD million) Value 0.00 2.00 5.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of external assessments of RDIs Value 0.00 20.00 20.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Percent of which are women Value 0.00 0.00 15.00
Date
Comment

Percentage of SF and IF survey respondents who report in annual surveys that effective engagement processes have been established	Value	0.00	72.00	65.00
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Number of publications supported by SF programs Value 0.00 1326.00 780.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of RDIs executing transformation plans Value 0.00 18.00 18.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of joint publications by local and diaspora researchers Value 0.00 0.00 20.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of collaborations between participating RDIs and private sector/international entities Value 0.00 443.00 200.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of international R&D institutions participating in the Program Value 0.00 0.00 20.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment
Number of SF staff trained Value 0.00 39.00 40.00
Date December 31, 2019 March 27, 2024 June 30, 2025
Comment

Number of scientific publications in top 10 percent of internationally recognized journals (annual, not cumulative)	Value	1000.00	955.00	1150.00
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Number of internal assessment of RDIs	Value	0.00	61.00	60.00
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Number of external assessments of RDIs	Value	0.00	20.00	20.00
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Number of SF staff trained	Value	0.00	39.00	40.00
	Date	December 31, 2019	March 27, 2024	June 30, 2025
	Comment

Percentage of which going to projects with women principal investigators	Value	0.00	0.00	15.00
	Date
	Comment

Percent of which are women	Value	0.00	0.00	15.00
	Date
	Comment

Serbia Accelerating Innovation and Growth Entrepreneurship

Abstract*

Development Objective

Key Details

Project Details

Sectors

Themes

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Project Map

Finances

Financing Plan (US$ Millions)

Total Project Financing (US$ Millions)

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

Detailed Financial Activity as of March 31, 2025

Ratings

IMPLEMENTATION RATINGS

COMPLETION RATINGS

INDEPENDENT EVALUATION RATINGS

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INTERMEDIATE RESULTS INDICATORS