EBRD President Suma Chakrabarti with the Mayor of Belgrade, Sinisa Mali in Belgrade during the floods in May 2014
The European Bank for Reconstruction and Development (EBRD) is helping Serbia's capital city of Belgrade address infrastructure recovery needs caused by the floods in May 2014. Under this arrangement, the Bank is restructuring several financial commitments with the city worth up to €78 million.
The flooding hit south-eastern Europe, affecting more than 1.5 million people in Serbia alone, and causing widespread economic damage across the region.
According to the Serbia Recovery Needs Assessment report – compiled by the Serbian government with support from the EU, the World Bank and the United Nations – the official estimate of damage to the Serbian economy was €1.6 billion.
“We are grateful for the support provided to us by the EBRD which allows us to prioritise our interventions to repair the flood damage. This confirms the strength of our longstanding partnership with the Bank,” said the Mayor of Belgrade, Sinisa Mali.
“It is of paramount importance for Serbia economic recovery after the devastation of the floods. The damage caused to the city of Belgrade is very serious and this is why the EBRD is stepping in to help the administration with its flood-recovery plan,” said the EBRD Director for Serbia, Matteo Patrone.
Since the start of its operations in Serbia, the EBRD has invested more than €3.8 billion in 182 projects across the country. The Bank invests in the financial sector, industry, commerce, agribusiness, energy and infrastructure.