Description

EBRD investment will be conditioned upon an agreed plan for a comprehensive program of reforms of the Company and of the sector which will have a significant impact on the development, management and operational efficiency of the power infrastructure in Serbia. The loan proceeds will be used to restructure and refinance expensive short to medium-term financial debt which EPS has entered into on an emergency basis with commercial banks in order to alleviate the deteriorating cash situation created by the unprecedented and catastrophic floods in Serbia in 2014. The Bank expects to lengthen the tenors and provide terms more consistent with EPSs operations.