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A:
World Bank approves €34.9 million loan to Serbia
Belgrade/Washington,
6 March 2009
The World Bank has approved a loan of €34.9 million to Serbia to help the country achieve its economic growth related goals necessary acquire EU membership.
The World Bank stated on its website that the loan is for supporting reforms by the Serbian government to improve the business environment so that new enterprises and direct foreign investment are encouraged.
The loan will also help strengthen financial discipline through tougher budget constraints in the enterprise sector, continued reform of socially owned companies and the restructuring of public companies.
The loan will be used to build an efficient and stable financial sector by strengthening prudent supervision of the banking sector and encouraging the development of the capital markets.
The loan will finance a €34.9 million International Bank for Reconstruction and Development (IBRD) budget support loan, which is the first in a series of three programmatic Development Policy Loans designed to support a multi-year plan of assistance to Serbia to address key institutional building and reform challenges in both private and financial sectors.
The loan will be provided on standard IBRD terms, with 20 years maturity, including an 8 year grace period.
The loan will also help strengthen financial discipline through tougher budget constraints in the enterprise sector, continued reform of socially owned companies and the restructuring of public companies.
The loan will be used to build an efficient and stable financial sector by strengthening prudent supervision of the banking sector and encouraging the development of the capital markets.
The loan will finance a €34.9 million International Bank for Reconstruction and Development (IBRD) budget support loan, which is the first in a series of three programmatic Development Policy Loans designed to support a multi-year plan of assistance to Serbia to address key institutional building and reform challenges in both private and financial sectors.
The loan will be provided on standard IBRD terms, with 20 years maturity, including an 8 year grace period.
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