Serbia: Bor Regional Development Project

WASHINGTON, June 20, 2007 - The following project was approved today by the World Bank’s Board of Executive Directors:

 

IDA CREDIT: US$10 million

TERMS: Grace Period = 10 years Maturity = 20 years.

 IBRD LOAN: US$33 million

TERMS: Maturity = Grace Period = 5 years Maturity = 17 years.

PROJECT DESCRIPTION: The project will provide financing and technical assistance at a critical moment in the Government’s strategy to reverse the decline of the Bor region (Borski okrug), one of the poorest in Serbia, through the privatization of the traditional mining industry and diversification of the local economy. The project has two main objectives: (i) dealing with urgent environmental and social legacy issues arising from the mining sector restructuring; and (ii) fostering new sources of economic growth and job creation in the region.

 

For more information, please call Steven Jouy, at (+1-202) 473-4215 or email: sjouy@worldbank.org

For more project information, please visit the project web site.