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The Government of the Republic of Serbia

In the service of citizens

National Corporation for Housing Loan Insurance to start operations

Belgrade, 9 September 2004

Serbian Minister of Finance Mladjan Dinkic said the government has adopted necessary acts to enable the National Corporation for Housing Loan Insurance to start operations as well as to allow for the enforcement of the Law on housing loan insurance.

Dinkic explained that the government has adopted the regulations for the functioning of this institution, its programme of work, and financial plan and he announced a public invitation on Monday to banks and other financial organisations to close deals on home loan insurance.

The minister said he hopes that banks will start striking such deals within a month’s time, adding that the state, through the corporation, will assure up to 75 percent of the damage a bank might suffer from housing loans.

He added that first loans assured by the corporation should come by the end of the year and a full swing in the new institution’s work is expected next year.

Market research carried out by the corporation have revealed that approximately 50,000 households in Serbia can afford a home loan under the terms the corporation intends to set. Dinkic explained that loans will have repayment periods ranging between 20 and 30 years, with an annual interest of no more than nine percent.

Dinkic met with World Bank Director for Southeast Europe and Central Asia Orsalia Kalantzopulous today to discuss the implementation of the WB’s 2004 plan for Serbia as well as the next three-year arrangement and a plan for the year 2005.

He recalled that Serbia received a $40 million loan in July, adding that a further $80 million is expected by the end of the year given that the programme agreed with the WB is going to plan.

Deputy Minister of Education Milan Brdar said that the ministry has decided that Darwin’s theory of evolution be returned to the syllabus for the eighth grade of primary school, after consultations within the ministry and the government.

Deputy Minister of Health Dragomir Marisavljevic said the ministry has decided to send 7.5 million dinar worth of aid to the town of Beslan in North Ossetia, which has suffered a terrorist attack. The aid, containing medicines, medical supplies, and equipment, will be provided by the Red Cross of Serbia-Montenegro and Serbian drug makers Hemofarm, Galenika, Zdravlje, and Velefarm.