EBRD: Telekom money must be invested in infrastructure

The EBRD’s chief economic analyst Erik Berglof said that the money gained from the sale of Telekom must be invested into infrastructure projects.

Izvor: B92

Saturday, 27.03.2010.

10:01

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The EBRD’s chief economic analyst Erik Berglof said that the money gained from the sale of Telekom must be invested into infrastructure projects. He told B92 that the bank would be giving about EUR 400mn of credit to Serbia for infrastructure projects this year, but that it is also interested in the fields of agriculture and energy. EBRD: Telekom money must be invested in infrastructure Berglof, however, could not give a decisive answer on whether it is a good idea for the Serbian government to sell 40 percent of Telekom at this time. “On one hand, the privatization of Telekom is desired. Telekom today is one of the rare companies of that variety which is not privatized. On the other hand, the timing could have been better,” he said. “What is most important with such decisions is to ensure that Telekom is effectively working, and that is what needs to be concentrated on. That is more important than the moment in which it is sold. One other thing, Telekom is not being sold in order to increase state income, but to improve the work of the company,” Berglof said. He said that it is most important for the money gained from the privatization of the company to be invested into infrastructure projects. “In Serbia there is a great need for infrastructure investments. Since this is a time in which we are recovering from the crisis, it is a good moment for investing in infrastructure. Even though some time will be needed for new jobs to open up, investing in infrastructure is something that needs to be done in order for economic recovery to be achieved,” he added.

EBRD: Telekom money must be invested in infrastructure

Berglof, however, could not give a decisive answer on whether it is a good idea for the Serbian government to sell 40 percent of Telekom at this time.

“On one hand, the privatization of Telekom is desired. Telekom today is one of the rare companies of that variety which is not privatized. On the other hand, the timing could have been better,” he said.

“What is most important with such decisions is to ensure that Telekom is effectively working, and that is what needs to be concentrated on. That is more important than the moment in which it is sold. One other thing, Telekom is not being sold in order to increase state income, but to improve the work of the company,” Berglof said.

He said that it is most important for the money gained from the privatization of the company to be invested into infrastructure projects.

“In Serbia there is a great need for infrastructure investments. Since this is a time in which we are recovering from the crisis, it is a good moment for investing in infrastructure. Even though some time will be needed for new jobs to open up, investing in infrastructure is something that needs to be done in order for economic recovery to be achieved,” he added.

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