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         Railway 7

The Former Socialist Federal Republic of Yugoslavia Seventh Railway Project, supported by Loan 3068-YU for US$138.0 equivalent (divided into four sub-loans to four regional Railway Transport Enterprises, RTEs), was approved in FY89. The loan was signed a year and a half after approval, in FY90, but never became effective. The loan was terminated, after two extensions, on February 28, 1992. No disbursements took place. The Project Completion Note (PCN) was prepared by the Europe and Central Asia Regional Office.

The project's objectives were: (i) to support an on-going program of economic reform, by improving the performance of railway enterprises; (ii) to make the railway more competitive, by increasing operating efficiency, and (iii) to improve the railway’s finances, through reducing operating costs. Following the breakup of the country in 1991, the Bank concluded that project objectives could not be achieved since: (i) the coordination of investments and the operational improvements required to improve the railways' competitive position could no longer be secured, and (ii) the RTEs' finances had continued to deteriorate and were not expected to improve in the foreseeable future. The performance of the Bank is rated as satisfactory.

The PCN is of satisfactory quality.

No audit is planned.

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