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The Government of the Republic of Serbia

In the service of citizens

Agreement signed on donation for Bor development project

Belgrade, 1 February 2006

Serbia-Montenegrin Minister of International Economic Relations Predrag Ivanovic and Head of the World Bank Office in Serbia-Montenegro Caroline Junger signed today an agreement on a World Bank donation for preparing the project “Regional Development of Bor”, which is worth $875,000.

Following the signing of the agreement Ivanovic said that the donation was secured by the Japanese government and is intended to prepare a project that will help revitalize the Bor mining and metallurgical complex, (RTB Bor) which is the mainstay of economic development of that region.

He recalled that Serbia-Montenegro has thus far signed 25 agreements on loans with the World Bank that exceed $670 million, and has signed 34 agreements on donations of which ten have been provided by the Japanese government.

He said that only during the previous year Japan provided 5 donations to Serbia-Montenegro worth almost $3 million.

Junger said that the agreement signed today on the donation by the Japanese government for the project “Regional Development of Bor” is only a continuation of the generous help given by Japan to Serbia-Montenegro.

She said that the timely realisation of this project can be of crucial importance for the region of Bor and expressed expectation that it will be concluded by the beginning of 2007, when its further realisation will be determined by the World Bank.