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The Government of the Republic of Serbia

In the service of citizens

EBRD to support projects in all sectors in Serbia

Belgrade, 31 August 2012

Prime Minister and Minister of the Interior Ivica Dacic said that cooperation with the European Bank for Reconstruction and Development (EBRD) is one of the priorities of the Serbian government.

After a meeting with EBRD President Suma Chakrabarti, Dacic said that Serbia has had good cooperation with this financial institution. Dacic said that the main objectives and priorities of the government are on the one hand the maintenance of macroeconomic stability, the introduction of fiscal discipline and reducing the budget deficit, and on the other development and economic growth, which is certainly not possible without cooperation with the EBRD.

Cooperation with the EBRD is of great importance for Serbia, bearing in mind that the country wants to get out of the crisis as soon as possible, and to reduce the deficit to a supportable amount next year, Dacic said.

Minister of Finance and Economy Mladjan Dinkic said that EBRD’s €800 million loan will be mostly used for the construction of transport infrastructure and energy.

The Minister said that granting loans for the rehabilitation of the railway Corridor 10 and the Belgrade-Bar railway was discussed, but also support to the private sector.

He said that the Belgrade-Bar railway is also important for the export of Fiat from Serbia, as well as for the export of farm products and food industries.

Minister of Energy, Development and Environmental Protection Zorana Mihajlovic stated that as governor of Serbia in the EBRD she will do everything so that government’s priorities are respected and implemented, and that the money from the loan be quickly withdrawn.

In addition to projects in the fields of infrastructure, public finance and energy sectors, which are still ongoing, the loan will be used to fund projects in agriculture, which is one of the priorities of the government of Serbia, she announced.

Chakrabarti said that Serbia can count on receiving a financial assistance from EBRD in the amount of €800 million over the current and next years, of which nearly €400 million will be allocated this year.

Serbia in economic terms may play an important role even beyond its borders and the EBRD can help it in doing so, he said.

He pointed out that EBRD is ready to provide support for projects in all sectors in Serbia, and added that Serbia has great potential, and that EBRD will help Serbia exploit this potential.

Serbia needs to implement reforms and to help develop the private sector, to help attract more investment which can help the country to mitigate the negative effects of the crisis, he said.