| Financier | Commitments |
|---|---|
| International Bank for Reconstruction and Development | 30.00 |
Catalyzing Long Term Finance through Capital Markets
Abstract*
The project’s objective will be addressed from three angles. The three angles are: 1) improving the enabling environment – (i) setting up a capital markets unit in the Ministry of Finance (MoF) and strengthening the capital market institutions, particularly the Serbia Securities Commission and the Central Securities Depository by aligning them with the relevant international principles; (ii) creating a one-stop shop and supporting technical assistance... Show More
Development Objective
The project’s overall objective is to (i) improve the enabling environment for capital markets development and (ii) deepen the corporate bond market, including through green and other thematic issuances.
Key Details
Project Details
P176069
Active
Randa Akeel
Republic of Serbia
May 19, 2021
(as of board presentation)
March 16, 2023
August 28, 2023
US$ 50.00 million
Ministry of Finance
2023
US$ 30.00 million
N/A
Substantial
August 31, 2028
Yes
BANK APPROVED
January 3, 2024
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | 30.00 |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | 30.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 50.00 |
Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Apr 15, 2024 | IBRD-94850 | Int Charges | 18,961.05 |
| Apr 15, 2024 | IBRD-94850 | Int Charges | 35,917.01 |
| Apr 15, 2024 | IBRD-94850 | Int Charges | 1,282.52 |
| Apr 15, 2024 | IBRD-94850 | Int Charges | 25,799.99 |
| Mar 16, 2023 | IBRD-94850 | Loan Commitment | 30,000,000.00 |
| Aug 28, 2023 | IBRD-94850 | Loan Disb | 74,873.10 |
| Aug 28, 2023 | IBRD-94850 | Fee Charges | 74,873.10 |
| Oct 4, 2023 | IBRD-94850 | Loan Disb | 735,280.00 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Project Management | Moderately Satisfactory | 2025-04-11 |
| Financial Management | Satisfactory | 2025-04-11 |
| Progress towards achievement of PDO | Moderately Satisfactory | 2025-04-11 |
| Monitoring and Evaluation | Satisfactory | 2025-04-11 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2025-04-11 |
| Procurement | Satisfactory | 2025-04-11 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Compliance achieved in the focus areas identified by the assessment of implementation of IOSCO Objectives and Principles of Securities Regulation Value No No Yes Date December 1, 2022 September 25, 2023 August 31, 2028 Comment Number of corporate bond issuances by first-time issuers Value 0.00 0.00 12.00 Date December 1, 2022 September 25, 2023 August 31, 2028 Comment Number of green and other thematic corporate bond issuances Value 0.00 0.00 1.00 Date December 1, 2022 September 25, 2023 August 31, 2028 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
One-stop shop established with interactive web portal Value No No Yes Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Number of companies participating in the Corporate Bond Issuer Program, including the number of women managers participating in theCorporate Bond Issuer Program Value 0.00 0.00 30.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment The number of site visits by unique IP addresses Value 0.00 0.00 0.00 Date Comment The number of women managers participating in the Corporate Bond Issuer Program. Value 0.00 0.00 5.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Simplified tax framework in place for capital market development Value No No Yes Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Total volume of corporate bond issuances, including volume of green and other thematic bonds Value 0.00 0.00 30000000.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Total number of corporate bond issuances, including total number of green and other thematic bonds Value 0.00 0.00 20.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Time-bound action plan adopted for resolving the issue of dormant accounts Value No No Yes Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Volume of corporate bonds issued by majority women-owned firms Value 0.00 0.00 20000000.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Number of corporates that received financial education/were informed about alternatives to bank financing Value 0.00 0.00 60.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment Share of Corporate Bond Program beneficiaries satisfied with the Corporate Bond Program support via periodic surveys Value 0.00 0.00 70.00 Date March 31, 2023 September 25, 2023 August 31, 2028 Comment