Source: Beta | Tuesday, 09.02.2016.| 15:40
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EBRD presents Transition Report - Lack of investment marked as main problem in Serbia

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The European Bank for Reconstruction and Development (EBRD) pointed out today that Serbia had made a progress in 2015 and that the key obstacle to the continuation of financial consolidation and sustainable growth was a lack of investment.

- The lack of investment in Serbia accounts for 3% of gross domestic product - said EBRD Director for Serbia Daniel Berg.

At the presentation of the EBRD Transition Report 2015 covering the countries of central Europe, central Asia and the southern and eastern Mediterranean, he said that the lack of investment posed a problem for that entire region, adding that Serbia, in order to make up for lagging behind developed countries, required somewhat bigger inflow of investment and accelerated structural reforms.

- A fair, transparent and predictable environment is the most important in attracting investors - Berg stressed.

He confirmed that the EBRD would continue to financially support the development of financial sector and private companies in Serbia, adding that it would also partner up with the Government in the restructuring of public companies and the improvement of business climate.

As he reiterated, the EBRD has invested EUR 4.2 billion in 15 projects in Serbia in the past 15 years, most of which was spent on the refinancing of the Electric Power Company of Serbia (EPS).

It was also said that the Bank would partake in both promotion of Serbia as a good place for doing business and the improvement of its image in the following period.

Jorgovanka Tabakovic, the governor of the National Bank of Serbia (NBS), underlined that Serbia's economic growth in 2015 was at 0.8%, although the EBRD forecasted it would be at 0.5%, adding that even bigger growth was expected in 2016.

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