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Agreements on World Bank loans worth $192.5 million signed
Belgrade,
27 July 2007
Serbian Minister of Finance Mirko Cvetkovic and Head of the World Bank office in Serbia Simon Gray signed today five agreements on World Bank loans whose total value is $192.5 million, intended for realisation of projects of regional development, economic competitiveness, flood protection, rehabilitation of the road network and energy efficiency.
Simon Gray and Mirko Cvetkovic
Cvetkovic said at a press conference held at the Serbian government after the signing of the agreements that the value of the loan for regional development of Bor will be $43 million, for reform of agriculture $21.5 million, for projects of irrigation and drainage $50 million, for modernisation of road network $50 million and for energy efficiency $28 million.
He said that out of the entire sum, $4.5 million are donations, so Serbia's debt for this loan is $188 million.
Of that sum, $20 million was obtained under IDA conditions, meaning a 20-year repayment period, 10-year grace period, and 0.75% interest rate, while the remaining $168 million were obtained under commercial conditions, which means a 17-year repayment period and 5-year grace period.
Head of the World Bank office in Serbia Simon Gray specified that the project of development of Bor includes increase of employment and environmental protection in that region, and that the project of reform of agriculture refers to the Stara planina mountain and help in increasing competitiveness among small producers.
He said that out of the entire sum, $4.5 million are donations, so Serbia's debt for this loan is $188 million.
Of that sum, $20 million was obtained under IDA conditions, meaning a 20-year repayment period, 10-year grace period, and 0.75% interest rate, while the remaining $168 million were obtained under commercial conditions, which means a 17-year repayment period and 5-year grace period.
Head of the World Bank office in Serbia Simon Gray specified that the project of development of Bor includes increase of employment and environmental protection in that region, and that the project of reform of agriculture refers to the Stara planina mountain and help in increasing competitiveness among small producers.
Orsalia Kalantzopoulos
Modernisation of the road network will improve the country's economic development and make it easier for citizens to use employment opportunities, while the project of energy efficiency will be implemented in orphanage centres and hospitals, Gray added.
World Bank Country Director for South-East Europe Orsalia Kalantzopoulos said that the deadline for realisation of these projects is from three to four years, and that Serbia will receive the first tranche in a few weeks.
World Bank Country Director for South-East Europe Orsalia Kalantzopoulos said that the deadline for realisation of these projects is from three to four years, and that Serbia will receive the first tranche in a few weeks.
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