A major part of Bosnia and Herzegovina’s economy and market, which was based on heavy and military industry and dominated by large state-owned conglomerates, was destroyed during the 1992-1995 war. The country was left with high unemployment (37 percent) and without the most basic infrastructure and services. In the immediate post-war period, commercial banks were unable to finance the emerging private sector
Two consecutive Local Initiatives Projects (I and II) were launched in 1996 and 2001 to initiate and develop the microcredit sector and provide access to financial services to low-income clients and micro-entrepreneurs with priority being given to demobilized soldiers, women entrepreneurs, and those people displaced or disabled by the war. The projects addressed the urgent need to raise incomes, develop businesses, and create jobs. Partner Microcredit Organizations (MCOs), supported by the projects, continue to have impressive performance and are currently making strategic partnerships with the IFC, EBRD, and the Deutsche Bank Fund. Five MCOs from Bosnia and Herzegovina were listed among the top 50 Microfinance institutions (MFIs) in the world.
Construction of the 13–km Kok–Aral Dike which separated the NAS from the LAS and allowed the NAS to recover was completed in August 2005. In addition, several new hydraulic structures were constructed on the Syr Darya, while other hydraulic structures and Chardara Dam were rehabilitated with the aim of increasing the flow capacity of the Syr Darya and bringing much more water than before in a safe manner to the Aral Sea.
Except for one hydraulic structure, all works have been completed. It is expected that the structure will be completed by October 2008 and that the project will close at the end of 2008. A follow–on project is currently under preparation, which will aim at further improvements along the Syr Darya and in the NAS.
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