|
EBRD opens Belgrade office, publishes Yugoslav action plan
Bank's First Vice President on hand to spell out focus on small business and infrastructure
On the eve of its first direct financing in the Federal Republic of Yugoslavia, the European Bank for Reconstruction and Development (EBRD) today opened an office in Belgrade and announced its 2001 Action Plan for the country. The Action Plan outlines a series of short-term initiatives to resuscitate Yugoslavia's real economy, rebuild basic infrastructure and support private-sector development. The EBRD, south-eastern Europe's largest institutional investor, places small and medium-sized enterprises (SMEs) at the heart of its Action Plan, which was today published on its web site.
Charles Frank, the EBRD's First Vice President, arrives in Belgrade today to meet with Federal Deputy Prime Minister Miroljub Labus, Serbian Prime Minister Zoran Djindjic and other senior officials. During a two-day visit, Mr Frank will inaugurate the EBRD's Belgrade Office as well as attend the opening of the Micro Finance Bank (MFB). The MFB is the initiative of an international consortium of investors, including the EBRD, to provide support to local entrepreneurs and promote confidence in the banking sector. At an opening ceremony scheduled for tomorrow, Mr Frank is expected to commit a €6 million EBRD loan to the bank. This will be the EBRD's first investment in Yugoslavia since accepting the country as a member in January.
Mr Frank described the EBRD's Action Plan as a coherent blueprint for the Bank to move forward in Yugoslavia. "This first year will be about priorities," he said. "It will be about focusing on those areas where we can make a difference, supporting the country's first steps to promoting the development of the economy." That will take shape in three ways:
- developing initiatives to support local small and medium-sized businesses;
- providing working capital to export-oriented enterprises with a commitment to the promotion of good corporate governance;
- supporting the rehabilitation of infrastructure, with specific emphasis on the power sector, municipal services and transport.
"The EBRD has been at the heart of eastern Europe's economic development for 10 years," Mr Frank said. "That experience, combined with the commitment of a reform-minded Government, could prove highly effective in reviving the real economy and growth."
The EBRD has appointed Henry Russell as the Bank's Country Director for Yugoslavia. Mr Russell, who has been with the EBRD for 10 years, will be based in the Belgrade Office, which became operational at the end of March. The Bank expects initially to staff the office with a team of six people.
|
