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The Government of the Republic of Serbia

In the service of citizens

Serbia, EIB sign agreements

Belgrade, 11 May 2009

Deputy Prime Minister for EU integration Bozidar Djelic and Vice-President of the European Investment Bank (EIB) Dario Scannapieco signed today an agreement on setting up a regional EIB office in Serbia.

At the same press conference Minister of Finance Diana Dragutinovic signed a framework agreement between EIB and Serbia, while Vice Governor of the National Bank of Serbia (NBS) Ana Gligorijevic signed a financial agreement on Apex Loans for SMEs between Serbia, NBS and EIB worth €250 million.

Following the signing Djelic stressed that opening an EIB regional office, the first such EIB office outside the EU, is a clear signal of Serbia’s European future.

With the funds from this loan we will build a European Serbia and by opening an EIB regional office for the Western Balkans we have been confirmed that EU members see our country alongside them very soon, he stressed.

Djelic said that talks are underway with EIB regarding an additional €1.4 billion for projects in Serbia, recalling that as Serbia’s largest financial partner, EIB has so far set aside €1.6 billion for projects in our country.

The Deputy Prime Minister announced that the EIB office will be opened when Serbia submits application for EU candidacy, voicing his expectation that this will take place during the year.

Scannapieco said that EIB is ready to open the regional office as soon as Serbia officially asks for EU membership, adding that the loan is one in a series of financial operations within which EIB will grant Serbia loans to the amount of €1.4 billion as assistance for overcoming the effects of the economic crisis and for speedier EU integration.

The framework agreement between EIB and Serbia will be used for financing projects in energy, infrastructure, health, education, SME development and research, he said adding that the loans will be available to SMEs under very favourable terms.

Dragutinovic said that the budget revision for this year envisages EIB guarantees of €100 million, as well as another €1.1 billion for project loans intended for the National Investment Plan projects, Corridor 10, SMEs, infrastructure, education and environmental protection.

The Minister said that since 2001 the EIB has approved cheap loans to Serbia’s public and private sector for renovating schools and hospitals and for SMEs. She stressed that Serbia’s public debt towards the bank now stands at €110 million and guarantees of nearly €400 million have been issued.

Gligorijevic said that SMEs in Serbia will be able to receive cheap loans through the Apex Loan Project for SMEs, on an annual interest rate of 4.2% to 6.9%, with a payment deadline from seven to 15 years and a long grace period.

She recalled that this is the third loan by the EIB for the development of the private sector and local self-governments in Serbia, adding that until now two loans to the total amount of €65 million have been approved, leading to 1,600 new jobs.