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A:
World Bank earmarks $300m loan to Serbia
Belgrade/Washington DC,
27 April 2009
Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic stated that the World Bank will approve a further $300 million loan to support the Serbian budget during the global economic crisis.
Ngozi Okonjo-Iweala, left, and Mladjan Dinkic
Dinkic, who is leading a Serbian delegation at the spring session of the IMF and the World Bank, held from April 24 to 27 in Washington, stated that this was officially confirmed in a meeting with World Bank Managing Director Ngozi Okonjo-Iweala.
Dinkic said that this is addition to the agreed credit line to the amount of $600 million, so that the country can surmount the negative effects of the economic crisis.
This will provide stability to the economy and safety for our citizens, Dinkic said.
Serbia will be able to draw $900 million from the World Bank, of which $450 million will be used for budget support, $300 million for this year and $150 million in 2010.
A total of $388 million will be set aside for the construction of Corridor 10, while the remaining portion from the $900 million will be intended for health and local self-government projects.
Loan arrangements for Corridor 10 will be approved by the World Bank Board of Directors in June and Serbia will then be able to hold a tender for construction of the first section. Agreement was also reached to speed up the tender procedure, as well as allowing Serbia to withdraw the first funds for motorway construction in the last quarter of 2009.
The terms under which Serbia was approved the loan by the World Bank include a 30 year repayment period, with a 5 year grace period and an annual interest rate of around 2.5%.
Dinkic said that this is addition to the agreed credit line to the amount of $600 million, so that the country can surmount the negative effects of the economic crisis.
This will provide stability to the economy and safety for our citizens, Dinkic said.
Serbia will be able to draw $900 million from the World Bank, of which $450 million will be used for budget support, $300 million for this year and $150 million in 2010.
A total of $388 million will be set aside for the construction of Corridor 10, while the remaining portion from the $900 million will be intended for health and local self-government projects.
Loan arrangements for Corridor 10 will be approved by the World Bank Board of Directors in June and Serbia will then be able to hold a tender for construction of the first section. Agreement was also reached to speed up the tender procedure, as well as allowing Serbia to withdraw the first funds for motorway construction in the last quarter of 2009.
The terms under which Serbia was approved the loan by the World Bank include a 30 year repayment period, with a 5 year grace period and an annual interest rate of around 2.5%.
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