Within first two years, Serbia will have access to US$340 million of International Bank for Reconstruction and Development (IBRD) resources
BELGRADE, December 15, 2011 – The World Bank’s Board of Executive Directors today discussed the new Country Partnership Strategy for Serbia for the period 2012 – 2015.
The World Bank Group will support reform efforts in Serbia in two areas: strengthening competitiveness of Serbia’s economy, and improving the efficiency and outcomes of social spending.
Within the first two years, Serbia will have access to US$340 million of International Bank for Reconstruction and Development (IBRD) resources, while the International Finance Corporation (IFC) expects to provide US$600-800 million to the private sector over the four-year period. The Bank will consider increasing budget support by an additional US$200 million in the next 18 months if Serbia is severely affected by the economic turbulence in the Eurozone and continues to maintain its strong reform program and sound macroeconomic management.
The focus of the IBRD program will be on fewer and larger investment operations, and budget support through development policy operations. Virtually all assistance will be designed to support Serbia’s European Union (EU) accession efforts; and the Bank will continue to expand innovative partnerships with the European Commission (EC), European financial institutions, and bilateral donors to leverage external funding.
“The World Bank remains committed to assisting Serbia in addressing its development challenges. The new Country Partnership Strategy reflects priorities of all levels of government in the country, and we in the World Bank Group look forward to the continuation of successful partnership with the authorities and other development partners in improving people’s lives in Serbia,” says Loup Brefort, World Bank Country Manager for Serbia.
The World Bank portfolio of active projects in Serbia currently includes 14 projects worth approximately US$1.2 billion. In addition, the World Bank manages nine grants in the amount of around US$20 million.