World Bank approves fresh loans for Bosnia
The World Bank has approved a new four-year Country Partnership Strategy for Bosnia.
Monday, 17.12.2007.
19:05
The World Bank has approved a new four-year Country Partnership Strategy for Bosnia. BIRN repots that the deal outlines an additional lending program of about USD 200mn. World Bank approves fresh loans for Bosnia The new lending arrangements come on top of some USD 200 million already available as part of ongoing projects, said Marco Mantovanelli, the World Bank Country Manager in Bosnia and Herzegovina. Mantovanelli told a news conference on Monday the four-year strategy was to support Bosnia’s priorities, including integration with the European Union. “The success of this partnership will be measured by improved infrastructure and services, increased employment opportunities and better quality of life for the people of Bosnia and Herzegovina”, a press release quoted Orsalia Kalantsopoulos, the Bank’s Country Director for Bosnia and coordinator for South-eastern Europe. “Ultimately we hope this will translate into an accelerated integration in Europe,” Kalantsopoulos said in the statement. Through this program, the World Bank says it will support investments in infrastructure, municipal development, the transport and energy sectors, the business environment as well as public sector reform. During this four-year period, Bosnia will make a transition from borrowing under the soft loan conditions of the International Development Association – the part of the Bank that helps the world’s poorest countries - to the more commercial, but still relatively cheap borrowing under the conditions of the International Bank for Reconstruction and Development, IBRD, which looks after middle-income countries. “The transition to IBRD indicates we have confidence the country is moving in the right direction” Mantovanelli told media. In addition to this new program, Mantovanelli said the World Bank has approved a new USD 25mn Road Infrastructure and Safety Project for Bosnia, to help upgrade the main road network and improve road safety provisions. The project will finance the rehabilitation of about 240 kilometers of roads. This scheme is part of a broader road rehabilitation program financed by the Bosnian authorities, the European Investment Bank, and the European Bank for Reconstruction and Development.
World Bank approves fresh loans for Bosnia
The new lending arrangements come on top of some USD 200 million already available as part of ongoing projects, said Marco Mantovanelli, the World Bank Country Manager in Bosnia and Herzegovina.Mantovanelli told a news conference on Monday the four-year strategy was to support Bosnia’s priorities, including integration with the European Union.
“The success of this partnership will be measured by improved infrastructure and services, increased employment opportunities and better quality of life for the people of Bosnia and Herzegovina”, a press release quoted Orsalia Kalantsopoulos, the Bank’s Country Director for Bosnia and coordinator for South-eastern Europe.
“Ultimately we hope this will translate into an accelerated integration in Europe,” Kalantsopoulos said in the statement.
Through this program, the World Bank says it will support investments in infrastructure, municipal development, the transport and energy sectors, the business environment as well as public sector reform.
During this four-year period, Bosnia will make a transition from borrowing under the soft loan conditions of the International Development Association – the part of the Bank that helps the world’s poorest countries - to the more commercial, but still relatively cheap borrowing under the conditions of the International Bank for Reconstruction and Development, IBRD, which looks after middle-income countries.
“The transition to IBRD indicates we have confidence the country is moving in the right direction” Mantovanelli told media.
In addition to this new program, Mantovanelli said the World Bank has approved a new USD 25mn Road Infrastructure and Safety Project for Bosnia, to help upgrade the main road network and improve road safety provisions.
The project will finance the rehabilitation of about 240 kilometers of roads.
This scheme is part of a broader road rehabilitation program financed by the Bosnian authorities, the European Investment Bank, and the European Bank for Reconstruction and Development.
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