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EBRD and Serbia launch Investment Climate and Governance Initiative

By Viktorija Melohina

At a signing ceremony in London

The European Bank for Reconstruction and Development (EBRD) and the government of Serbia are launching a joint initiative aimed at improving the investment climate, encouraging the development of the private sector and promoting good governance in Serbia.

With a Letter of Intent signed by Serbia’s Prime Minister Aleksandar Vučić and EBRD President Sir Suma Chakrabarti the two parties confirm their intention to coordinate their efforts on measures to facilitate the resumption of credit growth, including through NPL resolution, improve corporate governance in private and public companies, support privatisation of publicly and socially owned enterprises and stimulate infrastructure.

In all of these areas, the EBRD and the government of Serbia will maintain an active dialogue with the business community, other international financial institutions and donors.

In addition to the EBRD’s investments in the country, the Bank and Serbia have an intensive working relationship which includes policy dialogue and technical assistance in areas like public procurement, judicial capacity-building and the restructuring of the national Deposit Insurance Agency.

At the signing, Prime Minister Vučić emphasised: “This is a landmark moment in our cooperation with the EBRD. Creating the right business environment is critical and we are confident that we will make further progress with the EBRD’s support.”

EBRD President Chakrabarti added: “We support the reform path taken by the authorities and encourage further implementation of the new laws aimed at improving conditions for businesses in the country. We are convinced that strengthening the investment climate and enhancing governance will increase Serbia’s attractiveness among investors. The EBRD stands ready to assist the authorities in this process.”

Since the start of its operations in Serbia, the EBRD has invested more than €3.8 billion in over 181 projects. The Bank has invested in the financial sector, industry, commerce, agribusiness, energy and infrastructure.

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