Contacts
In Belgrade: Vesna Kostic (+381) 30 23 723
vkostic@worldbank.org In Washington: Michael Jones, (202)361-2993
mjones2@worldbank.org WASHINGTON, December, 13, 2007¾ The World Bank Board of Executive Directors discussed today a Country Partnership Strategy for Serbia for the period until 2011. Executive Directors welcomed Serbia’s recent initialing of a Stabilization and Association Agreement with the European Union, and acknowledged Serbia’s significant development progress since the country’s succession to World Bank Group membership in 2001. Over the last six years, average incomes have almost doubled and poverty has declined by more than one third. These gains have been underpinned by major structural economic reform, although Serbia still faces a considerable agenda to complete its economic transition. They noted that regional stability would be especially important at this time to ensure that Serbia and the region can build on economic gains and move as quickly as possible towards European Accession. Consistent with Serbia’s goal of European integration, World Bank Group support under the Country Partnership Strategy (CPS) will focus on three priorities, identified by the Government: 1. Encouraging dynamic private sector led growth to ensure incomes continue to converge with European levels; 2. Providing opportunities and broadening participation in growth; and 3. Managing emerging environmental and disaster risks. “Through this partnership strategy, the World Bank will support the efforts of the Serbian Government to build on economic successes and seize the future,” said Orsalia Kalantzopoulos, Country Director and Regional Coordinator for South East Europe. “This is a major change from six years ago, when Serbia was focused on making a break with the past.” The Bank Group will respond flexibly to provide innovative financial products and thorough analytical services to meet the emerging needs and demands of Serbia as a sophisticated a middle-income country. “Over the next four years, the Bank anticipates making approximately $600 million in financing available for the Serbian Government, on terms comparable to or better than Serbia could gain from almost any other source,” said Simon Gray, the Bank’s Country Manager in Serbia. This will build on the $740 million the Bank has provided to the Serbian Government since 2001, mostly in the form of concessional credits. The International Finance Corporation (IFC), the Bank Group’s private sector arm, also anticipates considerable new investments in Serbia, in addition to almost $340 million invested to date. The Multilateral Investment Guarantee Agency (MIGA) has also provided guarantees of over $425 million, and will explore further opportunities to support foreign investment to promote growth and employment. - ### - To learn more about the World Bank in Serbia please visit: http://www.worldbank.org.yu |
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