27619 - PWW Deponija Dva d.o.o. Leskovac

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Summary of Proposed Investment

Project Number

27619

Company Name

PWW DEPONIJA DVA DOO LESKOVAC

Date SPI Disclosed

Jun 26, 2009

Country

Serbia

Industry

Financial Markets

Projected Board Date

Jul 27, 2009

Status

Completed

Sector

Waste Treatment and Management (Except Wastewater)

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : May 28, 2008
Signed : Jun 3, 2008
Invested : Feb 5, 2010

Project Description

PORR WERNER & WEBER D.O.O, consortium comprising of Porr Umwelttechnik GmbH (“PUT”) and Werner & Weber Warenhandelsgesellschaft mit beschränkter Haftung (“WW”) (to be collectively referred as “PWW”) was awarded the contract to design, build, finance and operate the new solid waste landfill in the City of Leskovac, Serbia, and to operate the local waste collection system. The IFC project entails the financing of the landfill operation, PWW Deponija Dva d.o.o. Leskovac (Deponija Leskovac, or the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	47.78
Equity

Development Impact

The construction and financing of the subject landfill operation, the following benefits are expected to be realized:

Support to public infrastructure: The Project will enhance the private sector participation in public infrastructure development in Serbia under a PPP structure, which still needs to gain further momentum in the transition economies.

Improved quality and standards: Given the Sponsors’ extensive experience in infrastructure construction in Western Europe, the Project is expected to facilitate the transfer of technology, knowledge and know-how, thereby improving the quality and standards of waste management in the target municipalities.

Enabling construction of a necessary project: Given that the first phase of the local landfill of the Municipality of Leskovac has approached its capacity, the second phase investment has become a necessity. Such investment would have been extremely challenging for the Municipality of Leskovac to finance through its own resources under the current investment climate. The involvement of PWW as the strategic investor, and IFC as the financier will enable this necessary project to come to fruition.

Porr has specifically sought IFC’s funding in this Project for the following reasons: (i) providing political comfort to the Company and parallel banks in funding sub-Projects in the Balkans, (ii) structuring the financing to augment the Company’s ability to grow sustainably in risky markets, (iii) helping the Company to raise long-term financing under the current depressed market conditions; and (iv) helping to position the Company as a long-term investor in the Balkans.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects. The Project is greenfield investment in a new landfill site. A limited number of specific environmental and social impacts may result from the construction work and waste management operations but these can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria and by following EIA recommendations and monitoring plan are described in the accompanying ESRS.

Contacts

For Inquiries About the Project, Contact

Simona Kvaternik
Allgemeine Baugesellschaft A. PORR AG
Absberggasse 47, A-1103 Wien, Austria
+43 (0) 50 626-1552 (phone)
+43 (0) 50 626-3495 (fax)
simona.kvaternik@porr.at (email)
http://www.porr.at

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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Local Access of Project Documentation

Simona Kvaternik
Allgemeine Baugesellschaft A. PORR AG
Absberggasse 47, A-1103 Wien, Austria
+43 (0) 50 626-1552 (phone)
+43 (0) 50 626-3495 (fax)
simona.kvaternik@porr.at (email)
http://www.porr.at

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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