Greener and More Resilient Growth to be Focus of World Bank Group Partnership with Serbia
Washington — The World Bank Group’s Board of Executive Directors endorsed today a new five-year Country Partnership Framework for Serbia for the period 2022-2026. The strategy aims to support the country in strengthening its institutions to achieve a robust post-pandemic recovery, accelerating economic growth that is fiscally and environmentally sustainable, and promoting inclusive service delivery.
The new Country Partnership Framework has an indicative financial envelope of $1 billion and is fully aligned with the aspirations of the Government of Serbia. It builds on the country’s hard-won macroeconomic stability and supports efforts to integrate Serbia with other economies in the region, raise the productivity and competitiveness of the economy, and strengthen human capital.
“Strengthening institutions, gradually transitioning to a low-carbon economy, and building human capital are key ingredients for achieving a resilient recovery from the impacts of the global pandemic,” said Nicola Pontara, World Bank Country Manager for Serbia. “At the same time, improving the delivery of services at the local level will go a long way to increase social and economic inclusion.”
The new strategy will help Serbia to strengthen institutions for better governance and more inclusive service delivery in climate-resilient transport infrastructure, health and education, with particular emphasis on lagging regions and the most disadvantaged communities.
The Country Partnership Framework maximizes the impact of One World Bank Group. Together with the International Financial Corporation (IFC), joint efforts will foster a better business environment, develop capital markets, establish regulations and practices for public-private-partnerships, and mobilize long-term development finance. The Multilateral Investment Guarantee Agency (MIGA) will continue to provide risk insurance services and guarantees in promoting cross-border investments.
“IFC will seek to support Serbia’s next wave of public-private partnerships in Infrastructure to mobilize fresh private capital, innovation, and global expertise in Energy, Water, and Transportation,’’ said Ary Naïm, IFC Regional Manager for Central and Southeast Europe. “IFC will also aim to provide increased access to Green Financing for farmers and firms, and to help local companies integrate into global value chains, leveraging Serbia’s continuous success in attracting large manufacturing investments.’’
The Country Partnership Framework supports Serbia to achieve faster, greener and more resilient growth and greater inclusion.