| Southeast Europe Enterprise Development, a multi-donor initiative managed by the World Bank Group's International Finance Corporation, has launched its operations in the Federal Republic of Yugoslavia. Supporting small and medium enterprise development, the initiative, also known as SEED, strives to improve the overall environment for SME growth and competitiveness in the region. Its activities include: - Raising investment capital for SMEs;
- Building capacity of SMEs and of the local institutions and individuals that support them, such as business associations, consultants, and financial institutions;
- Improving the business-enabling environment.
SEED has been doing similar work in Albania, Bosnia and Herzegovina, Macedonia and the province of Kosovo since its creation in September 2000. It has now developed a strong package of products and services for local SMEs, many of which can quickly be rolled out to Yugoslavia as well. SEED's donors have strongly endorsed this initiative, which is expected to strengthen the private sector, the key source of job creation in Yugoslavia. "We are happy to see SEED launch its activities in Yugoslavia and are confident it can play a valuable role there," said World Bank Group Small and Medium Enterprise Department Director Harold Rosen. "SEED's role is to be a catalyst in the SME sector," SEED General Manager Mariann Kurtz said. "We plan to work hand in hand with other donor programs and support the ambitious economic reforms led by local officials. SME's are historically the engine of economic growth. SEED is designed to fuel that engine." Federal Finance Minister, Prof. Dr. Jovan Rankovic, who cut the ribbon to open SEED's offices together with Kurtz, said Yugoslav authorities look forward to working closely with SEED and the World Bank Group to support SME development in the country. "The opening of SEED's offices in Belgrade represents a great step forward for Yugoslav entrepreneurs," he said. SEED's activities will compliment the reconstruction and development activities of the World Bank Group and other multilateral and bilateral donors in FR Yugoslavia. SEED's expansion follows the renewed membership of the Federal Republic of Yugoslavia in the World Bank Group's International Bank for Reconstruction and Development and International Finance Corporation earlier this year. The IFC, the private sector investment arm of the World Bank Group, manages SEED on behalf of its donors through the World Bank Group Small and Medium Enterprise Department. In addition to Belgrade, SEED has offices in Sarajevo, Banja Luka, Tirana, Skopje, and Pristina, and expects to open an office in Montenegro soon. Useful links: | 
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