Serbia And Montenegro – Second Private and Financial Sector Adjustment Credit

CREDIT AMOUNT:  IDA - US$80.0 million
TERMS:  Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION:  The overall objective of the project is to help the Government of Serbia improve the business environment, strengthen the financial system, privatize and/or liquidate majority state-owned banks, and privatize and restructure socially-owned enterprises. Reform of the business environment would aim to improve business entry through a better registration system; to facilitate efficient operations of business through reforming the Enterprise Law; to build capacity for regulatory reform and improve enterprises’ access to finance; and to reduce barriers to the efficient exit and redeployment of non-productive assets. Strengthening of the financial system should be achieved through the introduction of a better supervision and regulation of banking and insurance sectors, which will lay out the foundation for the future implementation of a sustainable deposit insurance scheme, and create adequate mechanisms to prevent money laundering. For more information, please call Miriam van Dyck at (202) 458-2931, fax at 522-3362,  or e-mail mvandyck@worldbank.org.