Serbia gets EUR 89.5 mln World Bank loan for competitiveness

Serbian Minister of Finance Dusan Vujovic and World Bank (WB) Regional Director Ellen Goldstein have signed in Lima an agreement on a EUR 89.5 million loan.

Serbian Minister of Finance Dusan Vujovic and World Bank (WB) Regional Director Ellen Goldstein have signed in Lima an agreement on a EUR 89.5 million loan for a project aimed at improving competitiveness and employment in Serbia, the Ministry of Finance said in a statement on Thursday.

The signing took place on Wednesday as part of planned bilateral meetings at the annual meeting of the IMF and World Bank Boards of Governors in the Peruvian capital Lima, and was attended by World Bank Vice President for Europe and Central Asia Cyril Muller and Joerg Frieden, the executive director of the World Bank Board and a representative of the Swiss constituency.

It is the third concessional loan that the Serbian government has signed up to with the International Bank for Reconstruction and Development (IBRD) – a World Bank affiliate – in 2015.

The loan will be used to fund the programme of activity planning, monitoring and coordination aimed at developing competitiveness and employment, a programme promoting investment and exports, an innovation programme and a programme for reforming the job market.

The loan repayment period is 24 years with a 10-year grace period, with the first instalment due in 2026 and the last in 2040.