EIB continues supporting faster and greener economic growth and EU accession of Serbia
17 September 2021
EIB Vice-President Pavlova visited Serbia to open the first Western Balkans Rail Summit in Belgrade
She reinforced the EIB’s commitment to supporting faster, more sustainable and digital development in the region
The EIB has already signed €325 million worth of investments for Serbia since the beginning of 2021
The European Investment Bank (EIB), the bank of the European Union, will continue to provide hands-on support for fast, sustainable and green investments for climate action, improved connectivity and COVID-19 recovery. In doing so, the Bank stands by the Republic of Serbia in its EU accession goals, said EIB Vice-President Lilyana Pavlova during her visit to Serbia earlier this week. Vice-President Pavlova opened the Western Balkans Rail Summit in Belgrade, where regional transport ministers, government and European Commission representatives and rail professionals planned the future development and modernisation of the regional rail network.
During their visit to Serbia, the EIB delegation led by Vice-President Pavlova met Serbian Prime Minister Ana Brnabić, Deputy Prime Minister Zorana Mihajlović, Minister of Finance Siniša Mali, EU Ambassador to Serbia Emanuele Giaufret and Transport Community Director Matej Zakonjsek. In 2021 alone, the EIB has already signed €325 million worth of investments in Serbia, mostly for private sector COVID-19 recovery and projects to improve energy diversification.
EIB Vice-President Lilyana Pavlova, who is responsible for EIB operations in the Western Balkans, said: “The EIB remains one of the biggest institutional investors in Serbia and a reliable source of accessible financing and technical support for the country’s public and private sector investments. With over €6.5 billion invested in Serbia to date, we are now looking to increase our presence, especially for sustainable and green transport infrastructure, COVID-19 recovery and climate action. The EU Green Agenda provides a unique opportunity to modernise infrastructure, reduce emissions, and diversify the energy mix. The EIB will also actively support Serbia in attracting financing available from a €30 billion Economic and Investment Plan set up by the European Commission for the Western Balkans.”
Deputy Prime Minister of the Republic of Serbia and the Minister of Mining and Energy Zorana Mihajlović stressed that the EIB is a very important partner for the Ministry, recalling the successful cooperation to date. “Your support and assistance is highly significant for us. Together, we accomplished so much when I was heading my former ministry and I believe that in the energy and mining sector we can achieve even more, as we are now at the beginning of important process for the whole region — the energy transition. In addition to current projects such as the construction of the Serbia-Bulgaria gas interconnection and the smart meters project, there is room for cooperation in the field of renewable energy and energy efficiency,” she said.
Minister of FinanceSiniša Mali thanked EIB Vice-President Pavlova for providing support to Serbia and pointed out the good economic results from this year. “There is no area in which we do not cooperate with this financial institution, and the most important at the moment are those that are most vulnerable in the context of the current pandemic — the economy and health,” he said. In his view, the main facilitator of European investment policy is the European Investment Bank, as it prioritises projects that support the private sector and investments, aiming to improve lives for all.
The EIB is ready to support faster, greener and more sustainable economic growth in Serbia and help the government to pursue its reforms in line with the EU policies and the EU enlargement strategy. With excellent cooperation with the Serbian government and public sector alike, the EU bank looks forward to financing new environmental, digital and transportation projects in the country to ensure the sustainability, modernisation and competitiveness of the Serbian economy.
The EIB has been active in the territory of Serbia since 1977, providing finance to support key infrastructure projects, industry, services and local authorities as well as small and medium-sized enterprises (SMEs). To date, the EIB has provided over €6.5 billion of financing to SMEs and transport, education, healthcare and utility infrastructure projects.
The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. Also, as part of the Roadmap, from the start of 2021, all new EIB Group operations will be aligned with the goals and principles of the Paris Agreement.
EIB Vice-President Lilyana Pavlova, responsible for operations in the Western Balkans, met with Serbian Prime Minister Ana Brnabić today in an online meeting to discuss the EIB’s investment plans for Serbia. The EIB reaffirmed its commitment to help the region in its COVID-19 recovery and to support private sector development and the region’s transformation into a greener and more digitalised economy.
The European Investment Bank (EIB) will finance the construction of the Serbian section of a 171 km natural gas interconnector between Serbia and Bulgaria. The €25 million loan from the EIB, the bank of the European Union, will enable the diversification of Serbia’s energy supply and strengthen energy networks in South East Europe. It will also support faster integration of the region into the EU energy market, improve competition and ultimately attract more investment. The EIB loan complements a €49.5 million EU grant (from the Instrument for Pre-accession Assistance – IPA II) for this project, which is on the fourth list of Projects of Common Interest.
The European Investment Bank (EIB), the bank of the European Union, will provide a €200 million loan to the Development Fund of the Republic of Serbia for the faster recovery of small and medium-sized enterprises (SMEs) and mid-caps from COVID-19. This is the sixth operation in the country implemented by the EIB under the Team Europe financial package for the Western Balkans, taking total EIB support for accelerating Serbia’s recovery from COVID-19 to €380 million. The loan will speed up the recovery of the private sector, boost economic activity and help protect over 47 000 jobs, while creating 5 500 new job opportunities for people in Serbia.