Fund founded for capital investments on territory of Vojvodina

The Parliament of Vojvodina has adopted the decision about founding of the Fund for capital investments, which will be receivig money from the republic budget intended for financing of significant projects in the Province.

The Fund for capital investments will be free to use 3% of total of 7% of the budget incomes at the level of the Republic, which is the amount intended for the provincial administration by the Constitution of Serbia. The 3% in 2007 should amount to about 18 billion RSD or 220m EUR.

The money will be invested in the construction of schools, kindergartens, roads, plumbing and sewerage network, industrial parks and for other purposes. The decision about allotment of money to the municipalities will be made by the Administrative Board of the Fund on the basis of the suggestion of the expert commission.

According to the words of the Provincial Secretary of Finance, Jovica Đukić, the Executive Council will announce 100 open competitions for capital investments already in 2007. The Fund will go into operation when the Republic budget for year 2007 be adopted, probably at the end of March 2007.