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Serbia - Bor Regional Development Project : restructuring : Main report (Inglês)

In its letter of September 7, 2012, the Government of Serbia requested the International Development Association (the Association) and the World Bank (the Bank) to consider the following changes: (a) a partial extension of the project closing date from September 30, 2012 until September 30, 2015 to allow for completion of activities under Project Part 1 (Environmental Management and Remediation; $30.9 million equivalent allocated from the Credit/Loan) and Project Part 3 (Project Implementation Support; $1.14 million equivalent allocated from the Loan), (b) reallocation to Project Part 1 of the remaining Loan proceeds from Project Part 2 (Socio-Economic Regeneration; $10.56 million equivalent originally allocated from the Loan) which will not continue. These requested changes require a comprehensive restructuring of the Project which could not be accomplished before the original Closing Date of September 30, 2012. It was for the purpose of these requested changes that the Project’s Closing Date was initially extended with three months until December 31, 2012, to allow time for the related comprehensive restructuring. The closing date will now be extended from December 31, 2012 until March 31, 2013. The proposed extension is necessary to allow for the comprehensive project restructuring that is required to incorporate the proposed changes to the Project as requested by the Government of Serbia. This will be the second extension of the project and would represent a cumulative extension of six months from the original Closing Date. There are no outstanding audits under the Project.

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