Agreement on four-year arrangement reached with the World Bank - USD 200 million loan every year

Serbian Prime Minister Mirko Cvetkovic and World Bank Managing Director Ngozi Okonjo-Iweala reached an agreement on April 16 on a four-year arrangement envisaging a possibility that Serbia draws a $200 million loan each year during this period.

Following the meeting, Cvetkovic explained that the $800 million loan was the smallest possible and that Serbia would be able to draw additional funds from the World Bank if necessary.

- This is the minimum sum and it can be significantly increased, which depends on how successfully we draw the funds - the Prime Minister added.

- They accepted my proposal to earmark 50 percent of the funds for covering the budgetary deficit and the remaining 50 percent for projects - he explained, adding that there would be a smaller number of larger projects in order to ensure the efficient use of funds.

- The World Bank funds are the cheapest loans that can be granted by an international finance institution - Cvetkovic observed, underlining that the previously agreed sum of around $400 million for road infrastructure was still at Serbia’s disposal.

Vlada Republike Srbije

Svetska Banka-WB Beograd

Međunarodni monetarni fond-MMF Beograd

Narodna banka Srbije Beograd