Harrisons has advised the EBRD on a EUR 30 million loan facility to ProCredit Bank in Serbia.
Harrisons has advised the EBRD on its RSD 1.2 billion loan to Serbian commercial bank 3Bank for on-lending to eligible sub-borrowers.
NKO Partners has advised the Dr. Max Group on another pharmacy chain acquisition in Serbia – that of Belgrade-based K-Pharma.
Since 2009 the Republic of Serbia has undergone major legislative changes aiming to simplify the process for issuing construction permits and to establish private ownership over land as an exclusive property right, replacing the permanent use right and the long-term lease, which are relics of the communist regime. Depending on the circumstances pertinent to the holder of the title, the conversion of the permanent land use and long-term lease rights into private ownership may be performed either free of charge or for a fee.
On 19 May 2022, the Government of the Republic of Serbia adopted the Regulation on the temporary measure of limiting the price of gas and compensating for the difference in the price of natural gas, procured from imports or produced in the Republic of Serbia, in case of disturbances on the natural gas market, which regulation was published in the Official gazette of the RS no. 59/2022.
At Open Balkan Summit held in Tirana on December 21, 2021, several agreements were signed by Serbia, North Macedonia and Albania, including the Agreement on conditions for free access to the labour market in the Western Balkans, which was subsequently ratified by the National Assembly of the Republic of Serbia on December 29, 2021, and published in the Official Gazette of the Republic of Serbia – International Agreements no. 27/2021 from December 30, 2021 (“the Agreement”).
The global events and current energy crisis have demonstrated once again the imperative of continuous development of the energy sector and its modernization, which is both time-consuming and financially burdensome, but inevitable for the sustainability of the economy and overall society. It has additionally pointed out the real need for the equal or quasi-equal level of development of the electricity, gas and oil sector and increased dynamic development of the renewables energy market and, the imperative of having a firm orientation to diversification and establishment of different routes and different sources of supply. There is a necessity of having a long-term strategic determination to stability and security of supply and national strategic plan to achieve it.