IFC approved loan of 35m EUR to company "Porr" for construction of real estates and units for waste disposal and processing in Serbia and in countries of region

International Finance Corporation (IFC) has approved the credit line worth 35m EUR today (June 16, 2008) to Austrian building company "Porr" for construction of real estates and units for waste disposal and processing in Serbia and in the countries of the region.

According to the announcement of IFC, which is a member of the World Bank group, the loan with repayment period of 10 years will make it possible for "Porr" to develop small and mid-sized projects in Serbia, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Montenegro, Romania and Ukraine.

- Realization of these projects will contribute to development of high-quality residential, business and public utility infrastructure in the region, which will stimulate sustainable growth of private sector and attract new foreign investments - IFC estimated.

IFC stimulates sustainable economic growth in the developing countries by financing investments in private sector. In financial year 2007, IFC engaged 8.2 billion USD with additional 3.9 billion USD through 299 investments in 69 developing countries.

Austrian "Porr", which is a member of the consortium for construction of bridge across Ada Ciganlija in Belgrade and concessionaire for construction of Horgoš-Požega highway, realized incomes in amount of 2.2 billion EUR in 2008 and had over 11,000 workers.