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The Government of the Republic of Serbia

In the service of citizens

CEDB to grant loans for projects in non-profit making sphere

Belgrade, 8 June 2010

Deputy Prime Minister for EU integration and Minister of Science and Technological Development Bozidar Djelic announced today that the Council of Europe Development Bank (CEDB) will approve a €200–300 million loan to Serbia for various projects.

Bozidar Djelic and Raphael Alomar

Following a meeting with CEDB Governor Raphael Alomar, Djelic specified that over the next three years these funds will be used for projects in the area of environmental protection, boosting social integration, education and science.

He explained that the loans are the most favourable in the global market at the moment, specifying that the repayment period is 20 years and the annual interest rate below 2%.

Djelic stressed that the CEDB has a high rating, recalling that it was formed after the Second World War to help refugees and exiles and has contributed to solving actual social issues.

The Deputy Prime Minister confirmed that in two days’ time in Rome the CEDB will make a decision on the first tranche of a loan to Serbia, worth €35 million, of which €25 million will be a loan for projects in science, while the remaining €10 million will be used for the construction of flats for scientific workers.

At the meeting with Alomar, we also discussed funds for the construction of humane and secure prisons in Serbia, Djelic noted, recalling that the CEDB has granted over €200 million to Serbia and donated €10.5 million.

Funds from this bank will help us to finance the clear up works at the landslide in Trgoviste and Timocka Krajina, as well as in other flood-stricken areas, Djelic outlined.

Alomar stated that the CEDB will contemplate financial assistance to Serbia intended for various projects in the non-profit making sphere.

He also affirmed that during a working visit to Belgrade he will meet with other Serbian government officials, including representatives from the Ministry of Education.