The EBRD in Serbia

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View of Belgrade city from the Danube river

The EBRD has been investing in Serbia since 2001

In Serbia, we focus on accelerating the green energy transition, enhancing private-sector competitiveness, productivity and access to finance, and financing sustainable infrastructure, as well as strengthening regional connectivity.

A Serbian success story: how EBRD investment is supporting the new waste-to-energy plant at Vinča in Belgrade. The plant converts more than half of the city’s waste into green heat and electricity.

379

Number of projects to date

€10,081m

Cumulative EBRD investment

€7,129m

Cumulative disbursements

52%

Private sector share of portfolio

167

Number of active portfolio operations

€3,138m

Current portfolio of projects

€2,137m

Operating assets

Equity share of portfolio

19 January 2001

Joined the EBRD

140,310

Capital subscription (€000)

EBRD Governor: Siniša Mali
EBRD Alternate Governor: Tomislav Momirović
EBRD Board Director, Switzerland: Liliana de Sá Kirchknopf
EBRD Board Alternate Director: Artem Shevalev

EBRD Shareholders information

Focus areas

Accelerating the green energy transition

THe Bank is scaling up renewable energy capacity, particularly through continuing to support the authorities in wind and solar auctions, but also by introducing renewable energy sources into district heating systems. Energy efficiency will also be a primary objective, especially in the context of accelerating building renovations.

Enhancing private-sector competitiveness, productivity and access to finance

We are boosting small and medium-sized enterprises’ (SMEs) competitiveness through access to finance and skills, especially related to the green and digital transitions, as well as through targeted programmes with partner commercial banks to support women- and youth-led enterprises. Innovation will also be a focus and will be pursued by developing the start-up ecosystem and investing in enabling digital infrastructure and in science and technology parks.

Financing sustainable infrastructure and strengthening regional connectivity

The EBRD is supporting Serbia in accelerating investments in environmental infrastructure – waste and wastewater management, air quality and irrigation, in particular – maximising opportunities to draw in private investment and develop the circular economy. The Bank will also continue encouraging the switch to rail transport, especially by financing the main European and regional corridors. Governance will be a key cross-cutting theme and will include helping to raise standards at state-owned enterprises.

3.5%

EBRD forecast for Serbia’s real GDP growth in 2025

3.7%

EBRD forecast for Serbia’s real GDP growth in 2026

The preliminary estimate of the statistical office indicates 3.9 per cent real GDP growth in 2024, a similar pace as in 2023. The main drivers of growth were trade, tourism and construction, while household consumption and investment provided the strongest boost to demand. On the other hand, net exports made a negative contribution to growth due to higher imports of goods, in line with the recovery of domestic
demand, and the continuing real appreciation of the dinar. The current account deficit widened to 6.3 per cent of GDP 2024, up from 2.4 per cent in 2023. Net FDI inflows reached a record level at €4.6 billion but were not sufficient to fully cover the current account deficit. The budget deficit was lower than planned at 2 per cent of GDP. Inflation declined from its peak of 16.2 per cent in March 2023 to 3.8 per cent in June 2024, before rising to 4.5 per cent in February 2025.

While inflation remained relatively high in regional comparison, the central bank cut the policy rate from 6.5 per cent at the beginning of 2024 to 5.75 per cent (as of 24 April 2025). Real GDP growth forecasts are revised downwards to 3.5 per cent in 2025 and 3.7 per cent in 2026 on lower expected demand from the eurozone and China due to higher US import tariffs and increased global policy
uncertainty. Tightening labour markets and potential slowdown of structural reforms due to continuing political tensions constitute further downside risks. On the other hand, implementation of the ambitious public investment agenda may accelerate growth.

Serbia strategy and snapshot

Serbia private-sector diagnostic

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Serbia strategy

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Local language translation

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Serbia country snapshot

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Report on public comments

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Contact the EBRD in Serbia

Head of Office: Matteo Colangeli

Address:

EBRD Belgrade Resident Office, Bluecentre building, Spanskih boraca 3, 6th floor, 11070 Novi Beograd, Serbia

Telephone:

+381 11 212 0529/0530

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The EBRD in Serbia

A Serbian success story: how EBRD investment is supporting the new waste-to-energy plant at Vinča in Belgrade. The plant converts more than half of the city’s waste into green heat and electricity.

Focus areas

Accelerating the green energy transition

Enhancing private-sector competitiveness, productivity and access to finance

Financing sustainable infrastructure and strengthening regional connectivity

Serbia strategy and snapshot

Contact the EBRD in Serbia

The EBRD in Serbia

A Serbian success story: how EBRD investment is supporting the new waste-to-energy plant at Vinča in Belgrade. The plant converts more than half of the city’s waste into green heat and electricity.

Focus areas

Accelerating the green energy transition

Enhancing private-sector competitiveness, productivity and access to finance

Financing sustainable infrastructure and strengthening regional connectivity

EBRD supports Serbia in transition to clean heating

EBRD and EU lend up to €15 million to Erste Bank Serbia to support green investment

EBRD invests €76 million in VGP green bonds

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