EBRD planning to invest in mining in Serbia – Projects currently being considered

The director of the European Bank for Reconstruction and Development (EBRD) for Serbia, Daniel Berg, stated on Tuesday, October 4, that the financial institutions hadn't financed mining projects in Serbia until then, but that it was considering certain propositions and the it would probably be present in that sector in the future as well.

Berg said at the International Conference on Mineral Resources called “A Driving Force for Economic Development” that it was good news that the EBRD was involved in funding in that sector in the region, and that the gathering was attended by numerous companies which received the EBRD's funds and which worked on exploring mining sites in neighboring countries, such as Bulgaria and Albania.

– The good news is that we will be present in that sector in Serbia as well and that we can't wait to start working on the projects. We believe that financing such projects is as possible in Serbia as in any other country and that there are no major obstacles to it from a legal or a geological standpoint – Berg said.

The bad news, as he added, is that the EBRD hasn't financed any projects in the sector of mineral resources and mining since 2001, when it arrived to Serbia.

– We have financed one gas project by Srbijagas, but it was more of an infrastructural project than a mining project – Berg said.

The chairman of the EBRD for Serbia estimated that the bank's timing for investments in the neighboring countries had been much more favorable that the current one, as the market prices had been much better. He also explained that the financing abroad had mostly related to exploitation or projects with confirmed mining reserves on the sites, not exploration projects.

– There are lots of projects in Serbia, some are being discussed with the companies present here today, but they are still in the early stages, and large financial institutions do not fund exploratory works often – Berg explained and added that the EBRD was also talking to the Government about securing their potential investments in the projects from a legal and an investment standpoint.

EBRD Evropska banka za obnovu i razvoj

JP Srbijagas Novi Sad

European Bank for Reconstruction and Development

EBRD

Daniel Berg

International Conference on Mineral Resources

Srbijagas

investment in mining

investments in mining