World Bank to provide USD 150 million to Western Balkans for improving transport and trade

The World Bank announced on December 7 that it would provide USD 150 million to the countries of the Western Balkans to improve the efficiency of the main traffic corridors and to expand trade connections.

The aim of the World Bank is to simplify the border crossing procedure, increase the efficiency of logistics services and have modern smart technology implemented in order to improve the forwarding and passenger transport and to have goods delivered to clients more quickly.

– We estimate the benefits to be in the order of USD 1 billion per year – said Kristalina Georgieva, World Bank Chief Executive Officer.

As the World Bank announced, Georgieva spoke at a Conference on Stronger Regional Integration in the Balkans, hosted by Bulgarian Prime Minister, Boyko Borissov. The gathering was also attended by Serbian Prime Minister Ana Brnabic.

According to the World Bank, Western Balkans countries have already achieved strong growth and poverty reduction.

– While Western Balkans leaders are making strong progress, World Bank research shows at current growth rates it will take another six decades for income levels in the Western Balkans to catch up with the European Union. However, with the right reforms and macroeconomic stability, average annual growth rates could hit 5 percent and parity with EU income levels could be achieved in just two decades – the World Bank believes.

Svetska Banka-WB Beograd

Vlada Republike Srbije