World Bank Group Executive Directors Visit Serbia, Discuss Smart Investments in Energy and Connectivity

March 27, 2017

BELGRADE, March 27, 2017 — An eight-member delegation[i] of the World Bank Group Executive Directors visited Serbia from March 26 to 27, as part of a tour of the Western Balkans focused on energy connectivity. The Executive Directors got a firsthand view of energy sector reform and development in Serbia, and the role that Serbia can play in strengthening connectivity within the Western Balkan region and Europe.

During their visit, the Executive Directors met with the Deputy Prime Minister , Finance Minister, Energy Minister and other senior officials of Serbian Government and discussed infrastructure, transport and energy sector reform and prospects for regional energy and transport connectivity with representatives of the Serbian government, community leaders, development partners, and the diplomatic community.  They visited power infrastructure supported by the World Bank financed Floods Emergency Recovery Project, and transport infrastructure supported by the World Bank-financed Corridor X Highway Project. In Vranje, they met with the representatives of municipalities and local people benefitting from improved transport corridors for regional economic growth.

“Serbia has made good progress in recent years in reforming its financial management and public sector in ways that have helped to rekindle economic growth and create jobs,” said Mr. Subhash Garg, Executive Director for India, Bangladesh, Bhutan, and Sri-Lanka]. “To sustain faster and more inclusive growth going forward, deeper reform will be needed, including restructuring of the energy sector and smart investments in regional transport and energy connectivity.”

The World Bank Group is a prominent development partner to Serbia, providing financing, analyses and advisory services.  The World Bank Group has a large lending and guarantee portfolio in Serbia, including International Bank for Reconstruction and Development financing of US$1.65 billion, an International Finance Corporation Portfolio of US$230 million, including funds mobilized from its partners, and a Multilateral Investment Guarantee Agency portfolio of US$807 million.

World Bank Group Board of Directors: The World Bank Group Board members are collectively called the Executive Directors. The Board of Directors includes the President of the World Bank Group and 25 Executive Directors. Member countries of the World Bank Group appoint or elect Executive Directors to the Boards of the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA), International Finance Corporation (IFC) and a Director and the Board of the Multilateral Investment Guarantee Agency (MIGA). While the World Bank Group maintains four Boards for these separate arms, Executive Directors typically serve on all Boards simultaneously.


[i] The delegation of the Executive Directors include: Mr. Franciscus Godts (representing Belgium, Austria, Belarus, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, Turkey); Mr. Werner Gruber (representing Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan, Uzbekistan), Mr. Jason Allford (representing Australia, Cambodia, Kiribati, Korea, Republic of Marshall Islands, Federated States of Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Solomon Islands, Tuvalu, Vanuatu); Mr. Subhash Garg (representing India, Bangladesh, Bhutan, Sri-Lanka); Ms. Karen Mathiasen (representing United States); Mr. Maximo Torero (representing Peru, Argentina, Bolivia, Chile, Paraguay, Uruguay); Mr. Hervé de Villeroché (representing France); and Mr. Patrizio Pagano (representing Italy, Albania, Greece, Malta, Portugal, San Marino, Timor-Leste).

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