Approved credit for Serbia-Montenegro

The representatives from the European Investment Bank (EIB) and Serbia-Montenegro signed today in Venice (Italy) an agreement, according to which this bank will grant a 22 million euros credit to the State Community of Serbia-Montenegro for the most urgent modernization purpose of the Serbian Electric Industry (EPS) – according to the Luxemburg Bank Headquarters communiqué.

During the conference named “Balkan – from reconstruction to economic integration” taking place in Venice, on behalf of Serbia-Montenegro, the Agreement was signed by Mr. Branko Lukovac the Minister for Foreign economic relations of the State Community and Mr. Bozidar Djelic, Minister of finance and economy in the Government of the Republic of Serbia.

The President of the European Investment Bank, Mr. Philippe Meistad said that this bank will direct it’s activities to the financing of the Western Balkan countries development in the following period, where it already invested 320 million euros in 2001, 425 million euros in 2002, and is planning to invest another 400 million euros in the current of 2004.

According to the Tanjug News Agency, the EIB representatives say that their bank shall represent one of the major investment sources for the Balkan reconstruction process, along with the European Commission and the international donators (including the World Bank).