Initial capital of RSD 10 million paid for Development Fund of Vojvodina

The Development Fund of Vojvodina may start operating as early as Monday, February 11th, because the province and the republic have paid the initial capital of RSD 10 million to its account, Provincial Secretary for Finance Zoran Radoman said Friday (9 February 2013).

Radoman told the Vojvodina broadcasting corporation (RTV) that they expected to receive bids next week from banks interested in assuming the deposits and assets of the Development Bank of Vojvodina (RBV).

According to him, RBV is still doing well when it comes to depositors, and in order to make its property more attractive to a new bank that will take it over, the province and the republic will issue nearly RSD 10 billion worth of bonds.

- The province will practically invest one more time in RBV, and the only difference is that it will this time receive RBV's property and investments through the Development Fund of Vojvodina in return for that investment, which can go up to RSD 7 billion - said Radoman.

As Radoman explained, that means that all facilities and investments of RBV will be transferred to the possession of the Fund, that is, the province will be able to use them to support the economy, and soon a bank will be selected to assume the assets and take over some of the employees of RBV.