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EBRD approves €9 million for Subotica infrastructure
Belgrade,
17 December 2004
Representatives of the European Bank for Reconstruction and Development (EBRD) and the Serbian government have signed four agreements on a loan worth €9 million for infrastructure modernisation in the city of Subotica.
Mladjan Dinkic
Serbian Finance Mladjan Dinkic said following the signing ceremony in Belgrade today that talks with the EBRD in the past two years have focused on the project to resolve wastewater and water supply problems in Subotica because Lake Palic is a prime destination in Serbia with a huge tourism potential.
He recalled that the EBRD’s annual meeting in 2005 will be held in Belgrade and added that the event will be an opportunity to attract foreign investment in Serbia.
The entire programme for the modernisation of Subotica’s infrastructure is worth around €14 million, of which €9 million is provided by the EBRD, €2 million by the European Agency for Reconstruction (EAR), while the remaining €3 million comes form other sources.
Serbia-Montenegrin Minister of International Economic Relations Predrag Ivanovic said that the loan has a grace period of three years, repayment over 15 years, and a variable annual interest rate of 0.5 percent. He recalled that the EBRD has invested around €600 million in Serbia-Montenegro since 2001.
Ivanovic added that the EBRD’s latest strategy in relations with Serbia-Montenegro focuses on infrastructure projects and corporate finance.
EBRD Deputy Director Henry Russell said the project will help resolve the problem of wastewaters in Subotica and reduce pollution in Lake Palic.
According to him, it is very important to help Subotica to reach European environmental standards as the project to resolve water supply in Subotica affects the entire region.
He recalled that the EBRD’s annual meeting in 2005 will be held in Belgrade and added that the event will be an opportunity to attract foreign investment in Serbia.
The entire programme for the modernisation of Subotica’s infrastructure is worth around €14 million, of which €9 million is provided by the EBRD, €2 million by the European Agency for Reconstruction (EAR), while the remaining €3 million comes form other sources.
Serbia-Montenegrin Minister of International Economic Relations Predrag Ivanovic said that the loan has a grace period of three years, repayment over 15 years, and a variable annual interest rate of 0.5 percent. He recalled that the EBRD has invested around €600 million in Serbia-Montenegro since 2001.
Ivanovic added that the EBRD’s latest strategy in relations with Serbia-Montenegro focuses on infrastructure projects and corporate finance.
EBRD Deputy Director Henry Russell said the project will help resolve the problem of wastewaters in Subotica and reduce pollution in Lake Palic.
According to him, it is very important to help Subotica to reach European environmental standards as the project to resolve water supply in Subotica affects the entire region.
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