Serbian government, EBRD sign memorandum of understanding

Serbian government, EBRD sign memorandum of understanding

Vucic said that he expects EBRD to provide support to the development of the private sector, finalization of privatization, improvement and transparency of public procurement procedures, public enterprise restructuring and construction of infrastructural facilities.

The signing ceremony was attended by Minister of Economy Zeljko Sertic, Minister of Finance Dusan Vujovic, Justice Minister Nikola Selakovic, Energy Minister Aleksandar Antic, Minister of Infrastructure Zorana Mihajlovic and Governor of the National Bank of Serbia Jorgovanka Tabakovic.

The EBRD delegation comprised EBRD Director for the Western Balkans Holger Muent, EBRD Director for Serbia Daniel Berg and EBRD Senior Political Counselor Oleg Levitin.

Speaking on Thursday, Vucic said the document "will be of great help in managing private and public enterprises" and noted that cooperation with the bank is important for Serbia.

Expressing satisfaction with the fact that EBRD officials are in Belgrade, the prime minister said it was important news for Serbia.

"We expect support in managing private and state-owned enterprises, improvements of transparency and efficiency in the privatization process," Vucic said.

Discussed with EBRD officials were ways to encourage development of small and medium-sized enterprises, the prime minister said.

Support from the EBRD is also available for solving the most difficult cases of loss-making companies such as the Bor metallurgy complex and the pharmaceutical company Galenika, as well as for the privatization process in the banking sector and improvement of public procurement procedures, the prime minister said.

"We also expect EBRD assistance for development of infrastructure projects," Vucic added.

"Increasingly important"

President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti stated that Serbia is becoming an increasingly important partner to EBRD and announced that the bank will back the reforms and bring more investors from Western Europe to Serbia.

After the signing of the memorandum of understanding with Serbian Prime Minister Aleksandar Vucic late on Thursday, Chakrabarti said that EBRD backed investments in Serbia through loans worth around EUR 450 million in 2014, and expressed the belief that the figure will this year be higher.

Recalling that this is his third official visit to Belgrade since the beginning of his mandate as the EBRD president, Chakrabarti said that the Memorandum of understanding would strengthen the investment climate in Serbia, back both local and foreign investors, reinforce the private sector, improve management and contribute to sustainable growth.

One of the goals listed in the Memorandum is embodied in the strengthening of capacities and efficiency of the judiciary concerning action in cases in the economy sector, Chakrabarti said.

The joint initiative entailed in the Memorandum of understanding aims to strengthen Serbia's entire economy, Chakrabarti said.