WASHINGTON, March 9, 2023—The World Bank's Board of Executive Directors today approved EUR69 million (US$75 million equivalent) in financing for the Improving Public Financial Management for the Green Transition Project. The program aims to strengthen core public financial management functions and enhance institutional capacities for achieving a green transition.
The program, prepared in partnership with the French Development Agency (AFD), supports the Government’s broader strategy for transitioning to a greener and more resilient development model. It aligns with the World Bank’s 2022-2026 Country Partnership Framework for Serbia in its support for a greener budget framework and the achievement of sustainable investments across sectors.
“This project aims to strengthen fundamentals of public financial management in Serbia to enhance fiscal transparency and boost Serbia’s resilience to shocks,” said Nicola Pontara, World Bank Country Manager for Serbia. “At the same time, it will help the authorities to green the budget and the public investment framework.’’
The program-for-results operation will contribute to enabling Serbia’s transition away from high energy intensity and use of fossil fuel-based energy. It will support Serbia in its efforts to pursue an effective Low Carbon Development Strategy and to achieve its Nationally Determined Contribution on reduction of greenhouse-gas emissions. It will also complement a parallel project, the first Serbia Green Transition Programmatic Development Policy Operation, which targets legal and regulatory changes to set the green transition in motion.