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Country data

9.1 million (including Kosovo)
102,000 sq km

Key developments and challenges

  • Private sector development has lagged behind most regional comparators. Many existing private companies are marked by weak standards of management practice and corporate governance, and Serbia scores poorly in international comparisons of competitiveness and ease of doing business.
  • The restructuring and privatization of state-owned companies has lagged in recent years and is yet to be finalised.
  • Private sector involvement in transport and municipal and environmental infrastructure has been very limited to date, and there are almost no examples of successful PPPs.
  • The availability of investment capital backed by substantial value-added support remains relatively low. In particular there is little private equity capital for SMEs. Participation of local institutional investors in Serbia’s private equity market remains largely non-existent.

Serbia in the 2013 Transition Report

Women in bank

Our work in Serbia

In Serbia we focus on developing transport infrastructure, boosting small business and promoting renewable energy.


Key facts about the EBRD's work in Serbia

No. of projects


Net EBRD investment

€3.5 billion

Gross disbursements

€2.5 billion

Portfolio in private sector



Last updated 31 March 2014

View factsheet

Our strategy in Serbia

In the forthcoming strategy period, the Bank’s main strategic orientations will include enhancing the role and competitiveness of the private sector, bolstering the banking sector, deepening the financial intermediation and developing sustainable and efficient public utilities.


Read strategy


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